I'm sure many of you have heard that the white house has said that a recession isn't inevitable, which makes me think that it is, in fact, inevitable.
I've purged unneeded subscriptions, eating out, and now I only travel by car when necessary, which is fairly often unfortunately. what else can be done to soften the blow?
Is liquidizing assets a good call or not?
I'm weirdly sort of in the market for a house, as there are some markets in Canada that aren't ravaged yet, but it seems a moot point if we're being dragged down.
If you're legitimately looking to buy a house I think a recession is the time to do it no? Could be cheaper
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I'm just going to buy far into the woods, and open my land/home to comrades.
The catch to this is that it either requires you to produce everything on-site or become very vulnerable to fuel prices and infrastructure integrity.
People need people, or at least they do better around a good amount of other people. I think the opportunity for communization lies in smaller urban areas, especially if you can find a place that's affordable and still has something interesting going for it. I wouldn't know where to look in Canada, though.
Yeah but the clock is ticking on my current living situation, and the rental market near me is ridiculous. My purchasing plan involves moving to the other side of the country, it's not the easiest thing to line up right now.
Ahh fuck yeah the rental situation near me is bonkers also,could you easily change jobs and move?
How long can you hold on to a loan approval for after you get it?
I was able to lock in for 3 months max, but 1 month at the best rate. Note these were variable and last year before our prime jumped. So not sure what that looks like now. I'm not too worried, I have a downpayment, and ultimately 4% to even 8% doesn't really matter as it will still be cheaper than rent.
I don't know what kind of assets you're talking about liquidizing, but if you're talking stonks, selling off while the market is already falling isn't a good idea on average.
If you can afford to wait for housing prices to start falling (a year?) then I would. Usually everything crashes at once. Don't worry about trying to get in at the bottom of the market, just once it's already on the way down is fine.
I was asking it in a roundabout way. Essentially I have no non-liquid assets, and want to make sure that the correct path is keeping it as such.
I think the western world, especially USA and Canada, is in a really weird situation where they arent building adequate housing... at all, to keep up with the population growth and landlord ownership rates. Meanwhile, landlords are buying everything up with very few limits stopping them. Many cities have seen the share of rentals go from 20-30% to 50-60% in ~5 years coupled with low new build rates. Odds are if you buy now you'll get money out of it. If not, well, at least you'll get some equity out of it.
Also, rents are soaring so high that honestly locking into a price with a mortgage is a safer bet. In a year the mortgage will be cheaper than rent.
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Am Canadian baby, my retirement is funded by a turning grinder of young people replacing old people in time before it all breaks. And one party being determined to break that grinder as fast as possible.