13 Replies to “Gradually, Then Suddenly”

  1. There goes BC resident’s primary source of income, selling their shithole house to rich Asians for a $million or two. Then welcome to Alberta.

  2. New condos are selling for 70% of cost of construction. So everyone who put 10% down would be at -20% equity the day they take possession.

    1. Some around here are worse.

      The building beside me has 5 “townhouses” that are unoccupied and unsold, because they can’t sell them for the cost of construction.

      There is also going to have to be a reconning on all of the loans that are using “declared value” as their basis, because they are underwater, and sitting on balance sheets of the Banks protected from competition.

    1. Just watch the latest Ron Butler (the Angry Mortgage Guy) video. Things are extremely bad in Brampton.

      I do not care as I have always tried to live within my means and because I was single, self-employed and female, I did not get any breaks in the 80’s when I owned my first home, even though I had an 85% down payment (mortgage rates were 16%). The 80’s were good to me in business and I had my first mortgage paid down to $ 3,600.00 and so was able to buy my second house with cash and just needed a renovation mortgage (interest rates had dropped to 14%). All of my next houses were mortgage free. My motto has always been “Do not spend money which you do not have”.

    2. Average sales price dropped from $950k to $890k and condo prices are down 10%. The big problem is when the crap hits the fan (falling real estate), there is nowhere to hide for most people and the most vulnerable have 10% equity in a market that has fallen by 15% and isn’t rebounding over the short term.

  4. heh heh heh. all part of the plan there ‘couver !!! fall for the propaganda and, then the long term plan goes into effect which, here’s a hint: IMPOVERISH EVERYONE. the core socialist model, EVERYONE dependent on GOVERNMENT. thus collapse the housing mkt, swamp the land with foreigners, etc etc
    and unrelenting PROPAGANDA

  5. Got 2.5 years left on a 5 year truck loan…and I’m debt free. No more mortgage, no CC debt…and cash to float for just over a year.

    Can’t wait to take it in the ass for everyone else’s bad personal finance decisions.

  6. An entire nation’s housing on rapidly adjustable rate mortgages… what could go wrong? Everything.

    I HAD to take a 5-1 ARM mortgage for my very first home, because the interest rates (thank you, Jimmy Carter) were at 21.5% then fell to the low-low 16.5% average. My ARM was 12.5% … and I thought I’d won the lottery. Lucky for me Reagan turned that around and I was able to move UP in the housing market and retire that crap sandwich of a mortgage.

    But up there in Canada … you don’t have the luxury of a 30-year mortgage @ 2.5% … such as the mortgage I took out in 2021 for home renovations.

  7. This is exactly what Carney’s masters in the China Communist Party want to happen. They will rush in to buy up those cheap foreclosed properties and then rent them out. That is EXACTLY what Carney wants.

  8. Anyone with a scattering of reality knows what needs to happen…… And it’s a terrible thing to realise.
    My grandparents lived through it. It just wasn’t as easy back then for governments to hide reality from simpler more grounded salt of the earth human beings.
    The lucky ones paid attention to where they came from.
    The Eloi didn’t.

  9. Does it really matter?
    Don’t the native bands own all of it anyway?
    Drip, drip, drip, (UN)drip, drip…..

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