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Product Description
Product Description
A young couple in Toronto starts house-hunting with a $450,000 budget and ends up with a $700,000 home, after losing fifteen bidding wars. In Vancouver the average bungalow soars past $900,000. In Saskatoon, house values rock higher 56 per cent in one year.
At the same time, real estate values in the US plunge for the first time since the Great Depression. Millions of families are forced out of their homes. Canadians are told it can?t happen here, while first-time buyers outside Toronto sign up for monster houses with virtually no down payment and 40-year mortgages for 98 per cent of the cost.
When the average family can no longer afford the average home, how can so many people be deluded into believing a boom will last forever?when none has before? How could we have put so much money into something we might never be able to sell, except to a greater fool?
Truth is, homeowners and homebuyers have been seduced by a cabal made up of real estate marketers, builders, lenders and bankers, along with a pliant media, to buy, buy, buy. Canada has its own, hidden debt crisis just as dire as the subprime mortgage fiasco, and the same self-dealing industry tactics have led us to put more than 80 per cent of our net worth into a single asset, ignoring the obvious threats and repeating the disastrous mistakes of others.
Are we next? Yes.
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Most helpful customer reviews
4 of 4 people found the following review helpful:
5.0 out of 5 stars
Garth spoils the party again...,
By
This review is from: Greater Fool: The Troubled Future of Real Estate (Paperback)
Just finished Garth's book.
It is a must-have if you are either about to invest in real estate or if you have been led to believe that us (good Canadians) won't go through what happened in the US real estate market. As it often happens, Garth has to guts to speak up (a rare quality.) In this case, he will tell you why the real estate party is pretty much over, despite what some real estate promoters are trying to make you believe. The book is well written, never boring and contains some good jokes whether they were all intended or not. Bottom line: a solid read. Give yourself a deeper perspective before to sign that mortgage and buy this book. Maybe you will still go ahead but you won't be as easy to fleece as you might have been before reading this book.
3 of 4 people found the following review helpful:
5.0 out of 5 stars
All Canadians should read this before they buy a home,
By
This review is from: Greater Fool: The Troubled Future of Real Estate (Paperback)
A good reality check for any Canadians planning to take out a home mortgage in the near future. I read it cover to cover in 2 days, I couldn't put it down. Easy to follow and he backs up his predictions and warnings with compelling evidence. I watched my parents fall into a very similar trap in the early 80's and they paid dearly for over 10 years. If you know any young (or forgetful) people thinking of mortgaging themselves down to their underwear to buy a starter mansion, do them a huge favor and give them this book. At least you'll be able to say "told you so".
4 of 6 people found the following review helpful:
3.0 out of 5 stars
interesting book,
By
This review is from: Greater Fool: The Troubled Future of Real Estate (Paperback)
Well, I have never imagined to be the first one putting a review. Garth Turner explains at great length how our real estate market is likely to collapse in the next years...very soon. Through sound explanation, examples and graphics, he repeats himself many and many times to ensure we get the picture of the real estate situation. He makes us understand(Canadians) how the collapse in the USA happened using a myriad of examples and facts. He makes sure we understand the whole picture and how big the problem is in the states. Then, shows us the reality of what's happening in Canada. What common denominators will make the real estate system crash...for different reasons then what is happening in the states. It really makes you think how fool we are for buying in real estate.
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