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Old 11-22-2018, 07:10 PM   #1
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As a Canadian, the housing market here is ridiculous. It never went down back in 2008 like the states and in fact it’s climbed to absulotuely crazy levels. Everyone who owns a home loves it. Anyone who’s trying to get into the market (like me, a young couple in our late 20s) is basically signing up for a life sentence trying to buy in this market. Simply put, the amount of money you need to make annually to afford a house in my city is not realistic, unless mom and dad give you money, or you get an inheritance. (There are small towns where it’s more affordable, but no where near a big-medium sized city.)

You wouldn’t believe how many young couples I’ve quoted jobs for recently where they can’t afford to paint their new house.

So my questions are, do you think this is sustainable? And also, if the housing market does get hit hard in the near future, how do you think it will affect painting businesses? How well did you survive 2008 if you’re American?
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Old 11-22-2018, 07:12 PM   #2
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Also, I wanna get my 2 cents in here: I realize housing is a good investment long term always, but if you can’t afford the monthly expenses with mortgage and insurance and taxes, then it’s not a good investment. It’s a life full of stress for 25 years.
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Old 11-23-2018, 02:40 AM   #3
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Just be glad your politicians and banks aren't nearly as greedy as in the US! Many people down here lost their homes or saw the value drop by 60% or more.

We were told the economy was terrific as little as 2 weeks before the 2008 meltdown when we found out the banks were using mortgages like Monopoly money.
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Old 11-23-2018, 09:48 AM   #4
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Originally Posted by Brushman4 View Post
Just be glad your politicians and banks aren't nearly as greedy as in the US! Many people down here lost their homes or saw the value drop by 60% or more.

We were told the economy was terrific as little as 2 weeks before the 2008 meltdown when we found out the banks were using mortgages like Monopoly money.
Whoa I didn’t know that. Currently there are many people here that think house prices only go up.
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Old 11-23-2018, 12:52 PM   #5
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Moved this thread from the General Painting sub forum to the Off Topic sf.
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Old 11-23-2018, 12:59 PM   #6
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Whoa I didn’t know that. Currently there are many people here that think house prices only go up.

Check out the movie “The Big Short”. It sums it all up.
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Old 11-24-2018, 03:05 AM   #7
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What city do you live in. I’m in Calgary Alberta. The housing market is cooling here big time. Prices are high for new builds. I rent a 3 bedroom house with garage and big yard for way less than a mortgage plus taxes would be. The days of owning a house and thinking your gonna double your money 30 years from now is over. If the house you buy now is $400k in 30years most likely it will sell for less.


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Old 11-25-2018, 01:50 AM   #8
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What city do you live in. I’m in Calgary Alberta. The housing market is cooling here big time. Prices are high for new builds. I rent a 3 bedroom house with garage and big yard for way less than a mortgage plus taxes would be. The days of owning a house and thinking your gonna double your money 30 years from now is over. If the house you buy now is $400k in 30years most likely it will sell for less.


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You may be experiencing a downturn in Calgary mostly because of the oil price bust! Rest assured that in 30 years a house in Calgary will be selling for a LOT more than now. https://oilprice.com/Energy/Energy-G...ng-For-20.html

Look at the housing prices in the greater Toronto area, which doesn't rely on one industry for jobs, and you will see they are very, very high!
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Old 11-25-2018, 02:31 AM   #9
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In Seattle, we’ve consistently been listed as one of the hottest real estate markets in the US for the past 5+ years. Things started to slow in Q2 this year and they’ve really slowed in Q3.

For many years houses sold in days or weeks. Now they’re sitting on the market for several months.

Everyone is really waiting to see what happens next spring when demand is at its highest.


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