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The Masked Tulip

Hold Off On That U.s. Vacation Home, Guru Advises

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John Talbott has some advice for Canadians looking for cheap vacation homes in the United States: Don't buy. At least not yet.

While American brokers are filling newspapers (including the Toronto Star) with advertising enticing Canadians to take advantage of depressed housing prices and a high loonie, Talbott says there is more pain to come.

"We haven't seen the bottom yet," says the author and former investment banker with Goldman Sachs. "There are going to be a lot more For Sale signs."

When Talbott released his first book, The Coming Crash Of The Housing Market in 2000, it was met with a downright hostile reception by the real estate community.

"They basically thought I was crazy," Talbott says.

Talbott, who detailed the excesses in lending in the U.S. market and the steep appreciation in real estate prices, is now recognized as one of the first to call the market correctly.

Talbott says there is still a wave of home foreclosures to come on the market from buyers who have defaulted on mortgages they couldn't afford, which will trigger lower prices that Canadians can take advantage of.

"I'm still pretty pessimistic. Popular areas for Canadians like Florida and Arizona still have a ways to go," says Talbott.

"Agents will tell you prices have come down 20 per cent or more over the last year. The real question is what were prices five years ago and how much has it gone down since then?"

Full article here:

http://www.thestar.com/Business/article/326566

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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