Greater Toronto Area home sales plunge 37.3% in June

>>132636836
Share the archive and archive your link, numbnuts

Bubbles are bursting. Chinese will lose lots of money

>>132636836
no archive no click

>>132637273
No tickee no clickee.

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>>132637051
good

everyone who thought they were gonna turn their house into a money machine can go suck a dick.

>>132638307
I won't sell to Chinese investors. Bad move. They pay cash and are crass

Wake me up when house sales plunge in San Cucksisco

>>132637051
Will this have repercussions for the chink real estate bubble ?

>>132637273
wheres norway bro ?

wait if house prices drop doesn't that mean that rich people can just buy up even more real estate?

>>132636836
prices still up 10%

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>>132639733
900k home in march now goes for 760k but up is down in canada these days.

>>132638307
Anon, you are seriously behind the times. Rich Chinks have been dumping money into foreign real estate not to 'make money' but to preserve capital beyond the clutches of the grabby commies running that shitshow.

>>132639949
i know everything about this i just tone things down.

>>132639709
Don't sell to them. Foreigners should not be allowed to buy property in these countries without a citizen on the deed.

>>132639709
it means that the rich people lose money.
Do you think they keep it all in cash?
they will not have the assets to get a loan if the market is crashing.
They will probably stop loaning altogether out of fear of bad investments

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>>132640707
putting canadians first... isn't that racist?!!!

China put big restrictions on foreign real estate investment recently, not sufe why this is a shock

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>>132642367
you're so smart. are you literally me. upvotes

This could lead to an entire economic collapse, a la 2008:

https://www.youtube.com/watch?v=xZx20cM1z_Y

>>132640062
>tone things down

You mean, waste time saying nothing of consequence.

Of course, your probably do know considering you're most likely a well-heeled corporate goon with that attitude. But you'll never be rich like the people you work for. They don't believe in limits.

>>132637051

It's just a bigger cut on the laundering.

¯\_(ツ)_/¯

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>>132642874
any price rebound in the market will be the bull trap.

>>132636836

Ahahaha.

I have Zero sympathy for Torontonians. They aren't even real Canadians.

We should have sold all of SW Ontario to the States long ago.

All this will do is concentrate the muds in urban centers even more.

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>>132643445
>real Canadians

>>132638307
People who buy houses as an investment and not to live in them (even as a vacation) are scum. And citizens should only be allowed to own property in a nation.

Good! Free houses for refugees and ex gitmo terrorists!

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>>132644862
THE HOUSES ARE ALL GONNA GET BOUGHT UP BY CHINESE HOUSE SCALPER BOTS

>>132641788
Nationalist maybe. But it's about keeping the nation strong. Easy money usually brings strings

Aussie and Canuck governments impose the slightest restrictions on foreign individuals

Easily circumvented by individuals depositng funds into a Trust and purchasing the property through the trust

Somehow these dumbcunt millionaire Chinese are too stupid to figure out trust law

Instead they stop buying in Canada and probably just start landbanking in New Zealand or the UK.

Anything Anglo is prime CCP investment

My body and soul are ready for a total economic collapse. Can you say the same?

>>132637051
>>132636836

>china pisses off Trump
>days later all the chink money invested in fucking canada over takes a dive

Wew

>as /pol/ predicted
>has been said for years for vancouver and toronto

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>>132636836
good they did this
the falsely inflated the market
now its time to pay the piper

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>>132645981
5d

>>132639606
He's ascended. It's up to us to carry his legacy and teach the world the ways of NordBot.

http://archive.is/DrNiz

He's actually just on vacation.

>>132639565
They spent top dollar to acquire the houses, some of them may have indebted themselves to do so.
When their property crashes in value, so will their trust ratings and their volatility will increase.
If this happens to enough rich Chinamen involved with the gouvernment, we may see a Chinese war for resources in East Asia.
Excess debt always leads to conflict.

>>132636836
Good now I can buy some "homes" (can't call those low quality 'buildings' tru homes but) there.

>>132636923
fuck off I don't like archive, does archive sponsor this website or something? must be.

>>132647948
lol

t. pede

>>132636836
If you don't have a half decent job you still wont be able to afford to own a home.

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>>132636836
8% plunge in value in a single month is insanity.
Imagine if you bought 1 month ago at the average house price of $793,915, you are now sitting on a ~$80,000 baghold on your investment.
If it keeps dropping, and it will because now is the time to sell (values peaked), people are going to be in insurmountable debt with the best option being to default--which will cause values to nosedive across the country.

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>>132648284
the government wil make debt inheritable to prevent mass suicide.

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>>132636836
FUCKING FEELS GOOD MAN
I HOPE THESE CHINKS LOSE IT ALL
https://youtu.be/qEQpsbTPADs

>>132648600
no theyll just keep interest rates low or negative so repayments can be paid while the principle never gets touched

slowly inflation will make that $500,000 debt a $300,000 debt

these mortgages are for life, and inflation will kick in by the end of their lives

>>132648883
>no theyll just keep interest rates low

are you dumb. the rates are going up soon.

>>132648962
KEK

theyve been saying that for fucking years

they say it because it makes it seem like the economy is recovering, it isnt, it never will

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>>132649807
read this point. it is reality. >>132648284

you are comng from a place of delusion. you are in the bull trap mentality.

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>>132636836
Toronto needs to crumble and subside back into the lake. Long live the Greater Hamilton Area!

>>132650052
prices dropping has what to do with what ive said? did i dismiss price drops? or did i say that a price can drop and interest can remain the same or lowered and mortgagees will simply pay interest only instead of paying off the principle

people arent going to realise their losses when they can just pay interest and pray to the gods china comes back into the game

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>>132650367
>a place of delusion.

>>132650634
nice reply you fucking retard

>>132639937
yoy

>>132644704
underrated

>>132638307
Unfortunately, some of us wanted to upgrade from a cuckshed to a house. Perhaps I'll be able to dig myself out, but I don't think I'm going to be able to sell my place before it's over.

>>132644704
It is for these same reasons that publicly traded stock is cancer.

you forget why, the gta implemented a foreign buyers tax and this is just a temporary correction like what happened in vancouver. prices will recover in another couple months. this is just a hiccup in sales volume. the crash is still a few years out.

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>>132651680
that's what you think. this is a bull trap.

>>132639709
Theoretically... but it's only a good investment if you know it's going to increase in value again. The best time to sell was last year and then to swoop back in when it's bottom dollar and rent to the locals that got foreclosed... Then wait and play the long game.

>>132639937
If you sell your house for less than you bought it, you win

I've thought about moving up north because they like hiring us coders, but your taxes are fucked. I thought ours were high. I haven't even looked at the housing tax.

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>>132636836
And he didn't even give you weed. If you want to smoke just come here.

>>132646103
>Values only increase for seventeen straight years.
>It'll crash any day now.

At worst, values will return to 2015 levels and that's still too damn expensive.

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>>132651919
big if true

>>132647714
Something a lot of people don't talk about is how Chinese peasants gained the right to sell the land they have been farming for generations. A very large portion of them became millionaires overnight and used this money to invest in real estate. As a result, you have people bathing themselves in the public restroom in the amenities areas of their multimillion dollar Coal Harbor condos. I think these people in particular are going to get fucked. They were likely taken advantage of by well to do Chinese... Hey man, buy this condo off of me in Vancouver, you won't regret it! Then the market collapses and they're left holding the bag while a communist party member walks off with their money.

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>>132637051
>Bubbles are bursting
>what the fuck

>>132650367
The interest rates are going to rise incrementally and probably top off at 5%. This is going to put a lot of stress on people that are already maxed out on what they can afford. They're either going to dump their homes onto the market and avoid going to the bureau or they're going to get foreclosed on.

It's not set in stone, but the Bank of Canada so talking about it and it is inevitable. They can't keep these rates low forever.

>>132639949

They are hiding illicit funds. The government of Canada is engaging in a shadow banking money laundering racket.

>>132636923
NP is the closest thing Canada has to naming the jew. Gib clicks pls.

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>>132654785
>The government of Canada is engaging in a shadow banking money laundering racket.

truth

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>China's "Ghost Collateral" Arrives In Canada, "Heralding A Crisis"

http://www.zerohedge.com/news/2017-06-18/chinas-ghost-collateral-arrives-canada-heralding-crisis

What about Vancouver? No one wants to live in Toronto.

>>132643193

Your wife is the bull trap.

>>132647442

I miss him. Maybe he and Tay found true AI love.

>>132647714

The chinese were buying in dirty cash, the Canadian government ignored their own laws and allowed the industry to ignore their own regulations to enable this. Its a money laundering scheme.

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>>132656051
trudeau sold norsat to the chinese....he's a chinese agent. a manchurian candidate.

>>132645981
>le market is all trump meme

There are multiple factors to this, unrealted to trump. The canadian government is finally putting in laws to stop the crux of chinese laundering via housing, which has given rise to fear in the market. Except this fear is good because it is causing housing to break finally which has been desperately needed.

>>132647948
>being this new

>>132651797

Your mouth is a bull trap.

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>>132656544
plz no bully

tfw this is actually a good thing for me

How will this affect the igloo market???

>>132657800
it'll cool

>>132636836
Fuck my parents are trying to sell to retire. They might have to sit on this property for a while. Goddamn it's already dropped 100k in a month I don't think they can take it dropping much further.

I hope this stays confined to canada for a while

why does trudeau need to launder money?

>>132658864
dude wtf your parents are fucking lucky the chinks did this and made it so high in the first place

your house prices are nowhere near what they're really worth, what do they expect?

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>>132658864
Sales dropped 40% m/m in June (May/June are the busiest and most in-demand month of the year)

So Toronto prices peaked Apr 920K, to 863K in May -6.2% M/M, down to $794K in June -8% M/M. -13.7% in 60 days, so anyone that bought with less than 15% down this year is now wiped out and underwater essentially.

That's -$126K in 60 days over $2,100/day.

Annualized May rate would put prices in 1 year at $400K, June's $292K. Already in 2 months prices have dropped the most ever on record

>pic related

The 2008 crash was prevented by Harper bailing out the banks by taking $75B of toxic mortgages off their books so they wouldn't have to flood the RE market with underwater homes.

New Listings are through the roof, and nothing is selling without a 20-30% haircut.

The OFSI is banning the bundling of mortgages (allowing regulated institutions to get around certain rules like having to qualify someone based on the posted rate which is 5% instead of the market rate of 2.5%, etc).

Average GTA prices will easily be sub 600K by Sept and will accelerate as people underwater will be forced to liquidate.

THE DAY OF THE FUCKING RAKE HAS FINALLY FUCKING ARRIVED!

>>132645244
Pretty much this. We've all been trading in paper bullshit. Chinese have been taking all that paper and buying metals and cryptos.

>>132652835
Holy fuck boys