Topic: GTA (Brampton/Mississauga) home prices predictions

[CSH]

Hello,
Can someone make a knowledgable guess as to how the home prices are gonna be like in GTA (Brampton/Mississauga) over the next 5-10 years.
I mean do you predict stagnation due to economic slowdown predicted here and US
Do you expect it to go up, or down and by how much percent.

Just want to know the general opinion of people on this group.

Thanks,
Chetan

[UmroAyyar]

Its not going down for sure. 

[Wetson]

Analysts have reported that the worst of the market slow down has passed in the States.  (Of course this can't really be predicted until it happens).  The market appears to be trending more towards a more traditional real estate market where it's correcting itself.

[ghost]

as land begins to deplete, it only stands to reason that the existing homes in Mississauga and Brampton will increase in price. Having said that I prefer Port Credit/Lorne Park area in Mississauaga. Most of Mississauga has succumbed to urban sprawl.....

[safristi]

I thought THAT in 1980...but on the other hand I'm glad I didn't buy in Mississaugua..think of the "INK" I've saved ...any one care fer a Kilo of ETOBI_COKE.... ..the "REAL" Estates are outta the CEntro de la Universidad.....

[ArticSteve]

2 years ago 50% of all new immigrants came into the GTA.  Me thinks most of them head to Brampton and the north parts of Mississauga.  Prices will certain keep pace with inflation.

HOWEVER, everything hinges on the price of OIL and to what degree the Iraq situation goes up.  Presiding over this critical dynamic is probably the stupidest and most reckless US President in History.    So is $100 barrel oil possible by next summer.  Could be and that would make the fall of 2007 a prime time to buy into a market dominated by repossessed homes.

[ArticSteve]

Analysts have reported that the worst of the market slow down has passed in the States.  (Of course this can't really be predicted until it happens).  The market appears to be trending more towards a more traditional real estate market where it's correcting itself.

Analysts have reported that the worst of the market slow down has passed in the States

And those "analysts" would be who?     Is that what you gotta tell  new buyers? 

White House cuts economic growth forecast
Council of Economic Advisers says GDP to slow for remainder of year and in 2007, blaming weakness on housing.
November 21 2006: 3:03 PM EST

On Monday, the Census Bureau delivered more bad news from the housing sector, reporting that new housing starts slipped nearly 15 percent in October to their lowest level in over six years, while builder's confidence hit a nine-year low.

[dr_spock]

Are you thinking of speculating in Mississauga or Brampton?

[safristi]

wherever my bladder gives OUT........

[ArticSteve]

 

PS.  Where did all the trees go in Brampton.  They don't seem to grow a whole lot. 

[mdxtasy]

And those "analysts" would be who?     Is that what you gotta tell  new buyers? 

I don't care who you are....that's funny right there.   

[tpl]

If the feds do as they have said ( libs or cons) there will be somewhere between 1 and 2 million immigrants over the next 5-10 years (200,000 to 250,000 /year) .  A good bet is that 1/3 will settle in Ontario.  So 300,000 to 600,000 mostly in the the Golden Horseshoe. taking a guess at 3 people per family  thats 100,000 to 200,000 houses/condos/apartments PLUS the internal growth of people growing up, leaving home, buying a house. Minus deaths, leaving the province, downsizing to the exurbs.
Allow for thre green belt reducing the available land INSIDE the commuter belt...but allow for improved GO making longer commutes possible.
Allow for intensification in Toront itself which could add many '000 dwellings.
Allow for current relatively poor/new/whatever immigrants "moving up" as they historically do on a generational basis

So even if you half those figures... a lot of people have to live somewhere and Miss/Brampton will be on the preferred list

I think that house prices in the GTA/Golden Horseshoe will continue to outpace the rate of inflation unless something stupid happens to monetray policy and interest rates go up ( mortgages at 10% again)

[CSH]

Being a relatively new immigrant myself (13.5 months) i am looking to stop paying rent and buy a house.
However my agent told me that house prices decreased bt 1% last month in GTA. She is not sure about what is going to happen in the next 1 yr.

My problem is that being single income if i buy a home i will not be able to save anything and if i dont buy they might be unaffordable in the future even without savings.. At 5% year on year a 320K (my budget) house will go up 16K which means the mortgage atleast 100$pm..

So i am thinking if i should take the risk of buying now or wait till i get a better job.

PS: I've looked at houses around GTA and you need atleast 320k to live what i consider a decent life if you have/are going to have a family

[UmroAyyar]

Being a relatively new immigrant myself (13.5 months) i am looking to stop paying rent and buy a house.
However my agent told me that house prices decreased bt 1% last month in GTA. She is not sure about what is going to happen in the next 1 yr.

My problem is that being single income if i buy a home i will not be able to save anything and if i dont buy they might be unaffordable in the future even without savings.. At 5% year on year a 320K (my budget) house will go up 16K which means the mortgage atleast 100$pm..

So i am thinking if i should take the risk of buying now or wait till i get a better job.

PS: I've looked at houses around GTA and you need atleast 320k to live what i consider a decent life if you have/are going to have a family

I am in a similar situation as you Chetan, a bit over 3 years, married and a 2.5 year old. Houses I like aren't coming down in prices and if I take out a hight ratio mortgage, I do get a house, start building equity but that stretches my other financial/life goals a lot. So, we are investing in our education and waiting for opportunities to pop up in areas like a bit north of Heartland, Meadowvale, Port Credit. Just my opinion.

[safristi]

Since when was Port Credit "CHEAP"...it was a pricey neigbourhood back in the 80's..have they bulldozed all the upper middle class bungalows and put up a parking LOT err CONDOS.... ......

   If your skills enable U to work outside the Platinum CARD GTO(owned by a little old lady and asking $1MILL )......houses in the $150K range are plentiful and in some fabulous little(10,000 to 40,000population ) towns in Ontario and we know these exist in ALL the Provinces........

  If U must live in an overbuilt,overpopulated,overpolluted,overtaxed Centre Of the UNIVERSAL STUDIO...enjoy the RIDE..it's your DIME...just have 20Million of THEM

[ovr50]

News Flash to all prospective buyers (and no r/e agent will tell you this) - House prices CAN and DO go down (particularily if you have to sell too quickly after you bought in an inflated market). It has happened before and it will happen again. Anywhere.

[safristi]

Hell MY BAT CAVE has been droppings fer years NO SH*T!!!!..

[avtoller]

Hell MY BAT CAVE has been droppings fer years NO SH*T!!!!..

  9.7 

[accordingly]

(Of course this can't really be predicted until it happens).

After that, the prediction will be 100%...

[safristi]

I refuse ta accept anyfing ovr 4.7%..... ..IT woz a DARK & STORMY NIGHT......Brrrr..... and Belinda slowly pulled the covers down and her paper thin teddy crept up above her upper silky thighs..she shuddered..expectantly..WOZ that the Millenia SUPERCHARGED and whining to GO next to her..OR was it just a YARIS..barely able to get out of it's OWN WAY.....tune inta NPR tamarra @ NOONER..........