Listing information last updated on March 29th, 2024 at 9:17am CDT.
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Dumb, dumber and dumbest the dumbest buying right before the mortgage rules change November 30th. In a classic sign of what never to do sure enough the dumbest of the dumb do the exact wrong thing. Prices even with the OPEC agreement to fall Canada wide after the change in the mortgage rules for November 30th which will bring down the last kingpin the Toronto and GTA housing market.
Posted by Tony on Thursday, December 1st, 2016 at 8:02pmNew all time high for this time of year!!!
Posted by GM on Thursday, December 1st, 2016 at 8:33pmTony, as they say "You can't fix stupid"
Posted by Brendan on Thursday, December 1st, 2016 at 8:41pmAnd Edmonton's unemployment rate has now fallen to lower than the Canadian average!
Posted by Tom on Thursday, December 1st, 2016 at 9:46pmI guess interest rates are headed up.
Posted by Arfmooocat on Thursday, December 1st, 2016 at 11:52pmEdmonton is at 7.1 (source: link to srv129.services.gc.ca)
Posted by Soul on Friday, December 2nd, 2016 at 12:49amCalgary is at 10.3 (Source: link to srv129.services.gc.ca)
and finally Canada is at 6.7 (source: link to cbc.ca).
Live links for you to click on:
Posted by Soul on Friday, December 2nd, 2016 at 12:52amEdmonton is at 7.1 (source: http://srv129.services.gc.ca/ei_regions/eng/edmonton.aspx?rates=1)
Calgary is at 10.3 (Source: http://srv129.services.gc.ca/ei_regions/eng/calgary.aspx?rates=1)
and finally Canada is at 6.7 (source: http://www.cbc.ca/news/business/jobs-created-unemployment-1.3878080)
Looks like posts with Links/URLs get autoblocked.
Posted by Soul on Friday, December 2nd, 2016 at 12:53am@Tom Nope, I am looking at live data on services.gc.ca. If you know how to use internet, you will find it too. Or you can keep talking BS, as always.
Posted by Soul on Friday, December 2nd, 2016 at 7:02pmThis is 100 meters away from my $850 a month fully furnished, all inclusive 1 bdr 1000 sq ft professionally finished basement suite with private entrance. My rent hasn't gone up since I moved here 3 years ago.
Posted by Arfmooocat on Friday, December 2nd, 2016 at 7:59pmhttps://www.realtor.ca/Residential/Single-Family/17571644/548-Twin-Brooks-Bay-Edmonton-Alberta-T6J6X3-Twin-Brooks
It's a nice mid upper neighborhood... there's money with Audi's, Porsche's, Ferrari's in the summer and Lexus, Land Rover's in the winter. My Chevy Blazer is a POS in this neighborhood. lol
Why would I ever want to buy real estate in a declining or flat market when my cost of living is $850 plus food per month in a nice neighborhood?
It absolutely makes no sense what so ever for me to buy so I can pour all my money into a box I call my own,
I'm single and live alone. I'm happy and content.
*Facepalm* Soul, please slowly re-read my link if you're able to understand it.
Posted by Tom on Friday, December 2nd, 2016 at 8:44pm"And Edmonton’s unemployment rate has now fallen to lower than the Canadian average!"
Posted by Soul on Friday, December 2nd, 2016 at 10:24pmRead it. What now? Please don't try to salvage, you are just digging deeper.
Tony I still believe the mortgage rules in Canada are very loose specifically this 5% down payment. Add to it very low interest rates and foreign investment and wealthy immigrants and here you go continuous hyperinflation in house prices and massive debts for life and here I agree with you to some extent regarding those taking huge amounts of debts who you call dumb but in my language I would call this kind of people irresponsible borrowers and let me just say maybe half dumb because I know from my discussions with people they don't do the necessary research about real estate and they don't do their homework either I mean they don't get educated enough on the RE market and what it means and the potential future risks associated with it and all this takes time I mean years so what they do instead is they just listen to other people who keep telling them it always go up which is true in a balanced market with a normal inflation rate of 2 to 3% but with super hyperinflation there's something wrong and people don't realize that if market conditions change they will be in for a disaster like imagine what would happen if interest rates rise substantially down the road and mortgage rules get tough (better imo) and foreign investment gets banned and the economy is down and other things as well. On the other hand though people are pushed indirectly to behave that way because they are influenced by the rules and market conditions and that's why I would say half dumb instead of dumb.
Posted by Wally on Friday, December 2nd, 2016 at 10:32pmAnyways I don't think the conditions causing the hyperinflation I mentioned above will go away anytime soon and imo the latest changes to mortgage rules are not strict enough they're still very loose so I can't see a real correction in prices happening maybe just a slowdown that will be due also to the bubble getting heavier.
You're looking at outdated data. Even your Canadian rate is wrong. This is the most recent in terms of Edmonton's boom.
Posted by Tom on Saturday, December 3rd, 2016 at 4:26amThe number show while the unemployment rate in Edmonton has dropped in the past three months (from 8 per cent in August to 6.8 per cent in November)
http://globalnews.ca/news/3102231/alberta-unemployment-hits-9-highest-in-22-years/
Why would you ever want to buy real estate in a declining or flat market when my cost of living is $850 plus food per month in a nice neighborhood?
Posted by wsn on Saturday, December 3rd, 2016 at 5:03amGood question. I do remember this bungalow. It was asking for $599k in early 2007. Can you see the answer now?
@Tony, I tend to judge people based on the end result, instead of the random choice they make.
Posted by wsn on Saturday, December 3rd, 2016 at 5:05amIMO, given the same education and employment environment, for people with similar age and years of employment:
1) People with lower income are dumber.
2) People without their own house are dumber.
3) People without a healthy family (good spouse/partner, children) are dumber.
People can choose to buy a house, or invest in stocks or even gamble. If the end result is good, I have respect for their ways. But if a person goes about his own "smart" ways and end up with nothing, I have no respect for such stupid person.
@wsn Who are you to judge people, especially saying that people whose kids have asthma or cancer are dumber? Perhaps you are the one that is dumber?
Posted by BillHK on Saturday, December 3rd, 2016 at 7:35pmI bet they spent more then $150,000.00 into the renovation.
Posted by Stephen on Saturday, December 3rd, 2016 at 8:05pmNah... I don't remember but then again why would I
Posted by Arfmooocat on Saturday, December 3rd, 2016 at 11:29pmIf true they spent a minimum 150K on interest, taxes, utilities and repairs over the last decade and I'll leave the cost of professional renovations out of it.
The one who takes the word "healthy" literally is definitely dumber.
Posted by wsn on Monday, December 5th, 2016 at 4:18amAre you kidding? Have you done renovation before? That's would be a record rip off, if the renovation cost the owners $150k.
Posted by wsn on Monday, December 5th, 2016 at 4:23amPlus, if they didn't buy it, they would probably have paid $2500/month to rent the house, which would be a $300k cost over the past 10 years.
And no, Arfmooocat's rent cost of $850 wouldn't cover such a house. He is probably renting a basement, or even worse, a room not in the basement.
Basement suite...
Posted by GM on Tuesday, December 6th, 2016 at 6:16amSure hope the radon levels aren't too high. Wouldn't want to get cancer from all that radiation.
And in 5 years you'll still be sitting on the side lines taking pot shots at people for taking affirmative action. In your opinion is it a good time to buy a house, shares, bonds, a car.....any thing?
Posted by Stu on Wednesday, December 7th, 2016 at 12:47amAnd one day when you have no job or are retired........... you'll live with your kids? Hopefully they haven't listened to your silly advice. A home is the best long term investment you'll ever make. Short term no way. Medium term, often. Long term you can't beat it. I'm not talking the appreciation value but having a home gives all sorts of security and peace of mind.
Posted by Stu on Wednesday, December 7th, 2016 at 12:52amActually WSN.
Posted by Stephen on Wednesday, December 7th, 2016 at 2:33amYes, I have done many reno's. I'm in the trades. A house like that, the kitchen alone is probably worth over $30,000.00.
So now the question becomes, have you only reno'd to flip? Put lipstick on a pig so to say? Are you that guy that takes advantage of people?
You'd have to be a nutcase spending $2,500 a month rent and then your utilities on top of it to keep that warehouse warm . No thanks
Posted by Arfmooocat on Wednesday, December 7th, 2016 at 6:52amSeriously WSN? Since your slow, I'll explain a little better. The listing for the house that is the subject of discussion states that the house has been renovated. A full Reno on a house like that is an easy $150,000.00. I know this because I'm in the trades. I gave an example that the kitchen itself is probably $30,000.00 on it's own. Never mind the cost of new flooring, fixtures, electrical, baseboards, casings, crown mouldings, bathrooms, appliances etc, etc. As a rule of thumb, what ever the budget is, you can double it cause everyone is way to high class. When they budget for is never good enough for them.
Posted by Stephen on Thursday, December 8th, 2016 at 2:37amFor the record, I'm not saying that the house in question has had a complete Reno. I'm just going off what the listing states and stating the fact that it's easy to drop $150,000.00 on a renovation just on the inside of a house.
http://download.remax.ca/PR/HMO2017/Report/REMAX_2017HousingMarketOutlookReport.pdf
Posted by bubu on Thursday, December 8th, 2016 at 3:10am"There are opportunities for luxury buyers, with some listings selling for 10 to 20 per cent lower than the asking price."
This is why the average price is up and why you see more sales at the higher end of the market... 10-20% discount before the mortgage rules changed is not too bad actually... Let's see the 2017 spring for the high end properties if now the discount is 10-20%....
"You’d have to be a nutcase spending $2,500 a month rent and then your utilities on top of it to keep that warehouse warm . No thanks"
Posted by wsn on Thursday, December 8th, 2016 at 5:55amWell, that's the market rate, if you want to compare buy vs rent.
You’d have to be a nutcase to think you can rent that entire house for $850 a month.
There is a big different between $30k and the claimed $150k. Just in case you didn't pay attention to your high school math class, $150k is 500% of $30k. Whatever renovation other than the kitchen is cosmetic. The bathroom didn't get replaced.
Posted by wsn on Thursday, December 8th, 2016 at 5:58am@Stephen, I am a general contractor myself. I am fully aware of the going rate for all the trades.
Posted by wsn on Friday, December 9th, 2016 at 5:50amI don't doubt there are people trying to rip off home owners with a $150k price tag, but even then it would have been an exception rather than a rule.
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