Condo boom
- Thread starter happ
- Start date
For there to be an effect on real estate you need people to start defaulting on mortgages, which will take some time to happen unless this thing is over in a couple of weeks. But short term people may look at real estate as a way to secure their investments from stock market volatility. I would not expect prices to dip down dramatically though you may be able to get a slightly better deal if somebody wants to sell fast.
With the lower interest rates.....people will buy
Now the question is will they survive when things go back to “normal”.
Now the question is will they survive when things go back to “normal”.
The entire world is going into a recession. The real estate market will take a dip because a lot investors have mixed obligations and the stock market dip will affect them. Unemployment could go up 3-5% which lowers demand further. I expect housing correction of more then 10% by years end. There’s no way the TSX goes down 20% and home prices go up.
The real question is what happens to the interest rates for the next 3-5 years? Some people are holding two mortgages with renters paying off their 2nd. Some are just barely making it. Is it better now to stay variable or switch to fixed?
Nothing spectacular about it. The low interest rates and a steady stream of immigration (foreign and domestic) into the city fuels the need for housing.
You forgot investors who own up to 50% of all condos
When you realize that almost every family you know has a condo or two as investment (I'm speaking about myself here but am sure that it applies to many) you know there is a problem. They can hold on to it with their savings and what not for maybe 2-3 months but if tenants leave, their businesses churn it can get really ugly. But it won't happen if the thing is over it 1-2 months.I thought that too, there will always be renters but what if they cant pay? real estate is crazy now , low interest rates, I predict the bubble will burst, majority people have so much debt.....if they lose there jobs how will they pay their mortgage ? with HELOC? what if that is maxed out as well
It's not airborne so the only reason would be so many people living in close proximity. If it was airborne it would be a whole different story as the ventilation is shared throughout most condos.
I didn't forget, that's why I said "housing" that includes the rental market.You forgot investors who own up to 50% of all condos
High rise condos have a central air supply (known as "Make Up Air") that continuously brings in fresh outside air (usually from the rooftop, filters it for large particles, and then big fans blow the fresh outside air down shafts and out vents in the hallways.
That fresh air supply pressurizes the hallways and seeps into individual suites under and around the door. The suites are therefore slightly pressurized so they generally do not get or share air from adjoining suites.
So the air is "shared" in that the thousands of cubic feet of fresh outside air that are sucked in from the rooftop are then distributed/shared amongst the hallways and suites.
But the air is not "shared" between suites.
There is a risk of infection if someone with you on the elevator coughs or if someone that is infected touches the elevator button or door handles wth a sneezed hand.. and then you touch it and then touch your nose/mouth etc.
Use something other than your finger (key fob) to touch elevator buttons and use the Handicap Door Openers (with your elbow) if your building has them. And then wash your hands when you get back in your apartment.
