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- R( w9 Y" q/ n+ ihttp://www.globalnews.ca/money/w ... 42638608/story.html
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) u( O- H% R# T* Q FOTTAWA - For most Canadians their home is the biggest investment they'll ever make — but they might be surprised to learn you can use if for more than just sleeping.
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People generally don't think of their homes as a potential pile of cash in the bank, but experts say it's something worth pondering now that home prices in Canada may have hit their peak.
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In fact, analysts say if finance is the only consideration, conditions now and into next year or so form a seldom seen sweet spot for using home equity as a type of asset for investment.
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Why might it be a good time to sell?* K, ?. B, D0 B) L' V- }+ d; Z3 I/ B
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At about $370,000 average nationally — and just under $800,000 in Vancouver — home prices are already at record levels. Many observers believe prices are long due for a downward correction of anywhere from 10 per cent to 25 per cent, perhaps more in some of the hottest markets., ^& g# D9 d) H& T- I4 s
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"Home prices to income, housing price to rent, all the indicators are setting off warning signals," said Derek Burleton, a senior economist with TD Bank.
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9 h' C, b, V# c* f1 J"If you are purely in it for reaping profits, now is not a bad time to sell" before prices drop.# |) u) `2 Z2 ^0 }5 F, I
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The profits from selling a home can be used to build savings, eliminate debt, make traditional investments or, ironically, buy more real estate — albeit in a different market where home prices are lower.
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! D) ?% E& }/ l1 nOf course, even if it makes sense financially, selling the family home to rent or move to a less expensive housing market doesn't make lifestyle sense for the vast majority of Canadians.
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$ q) C6 |3 u7 IBurleton knows how they feel.
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"I wouldn't want to sell my home right now even if I wind up taking a hit on the home price, just because I enjoy where I'm living and moving is a pain," he said.3 u' y. g7 P# J7 S) q" D
; ^2 K/ t: T6 [# s# }1 d( gWhile there's no guarantee of a correction, observers note there are additional signs that the housing market could cool off in a big way.- M) H, \( E- s
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With ownership levels near a record 70 per cent, demand is expected to wane, making it a buyers market for the first time in years.
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And Bank of Canada governor Mark Carney warned last month he was preparing to hike rates, which along with tighter lending rules being applied by federal authorities could trigger a flight from real estate.
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In market terms, selling a home at the peak is a way of "locking in" profits accumulated over the past decade of price appreciation — and tax free if it's the principal home.
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Meanwhile, home valuations have been rising far faster than the rent they would fetch since at least 2000. Canada's home price-to-rent ratio is well above historic norms and among the highest in the advanced world.
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2 D6 f7 o0 L6 r: `3 `, NThat is a hard indicator that homes are over-valued, but also that renting is relatively cheap compared to buying.
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) m( |8 w: k- E" b# r# U$ e0 UDavid Madani of Capital Economics, who anticipates a 25 per cent price crash over the next few years, cautions that like selling stock shares, timing is always tricky.9 | l/ h6 c3 A+ H/ H2 X0 Z
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"We're dealing with irrational exuberance. We've been treating housing like some magical financial asset that is going to solve all our problems because prices are always going up," he said.
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"Of course, when the turn comes, the over-confidence that drove the market up can turn to fear. You are dealing with emotion ... so I don't believe in a soft landing."
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The market is clearly at or near peak, he said, so soon may indeed be the time to act./ y* d0 K' Z3 R6 k( ]9 ?9 j
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But then again he felt that way a year ago, he points out, and if households had acted on his advice they might not have gotten all the value they could from the premature sale. |
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发表于 2012-5-12 08:39
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