Saskatoon Housing Bubble. To take a look at the short and long term fundamentals of the Saskatoon real estate market. To prove that Saskatoon and other parts of Canada have a housing bubble. Also looking at how the possible commodity bubble and troubles in places like China, the US and Europe will have on Saskatoon real estate.
Wednesday, February 16, 2011
Get PAID to take a house in Detroit
From the Financial Post Mayor Dave Bing is trying to save Detroit by offering incentives to lure residents back to abandoned neighborhoods. One program offers $150,000 in housing renovation money and requiring only $1,000 down to police officers who are willing to relocate to the city. Another offers college graduates $2,500 for renters and $20,000 forgivable loan for buyers.
Potential home buyers can choose from plenty of cheap or free homes, especially in the blighted neighborhoods of Woodward Ave. and Brush Park.
There was a time when people thought Detroit was untouchable and the land of endless growth. But things can change over the span of decades and even years. I am not suggesting that Saskatoon or any Canadian city will end up like Detroit but Canadian buyers are overly optimistic that Canada will experience endless growth especially in house values. Borrowing money for a house that is at a high point in price and other measures compared to historical averages for 30 years is in one word: CRAZY.