Monthly Archives: August 2009

“Dumped Inheritances As Downpayments Into Homes That They Bought For 600k, 700k, and 800k.”

Could the Vancouver RE market be a way in which intergenerational wealth transfer may be destroyed? This from No Condo in the 604 at greaterfool.ca on 08.06.09 at 10:58 pm -

“Since Peak prices, I’ve discovered couples in their late 30s/early 40s, all first time homebuyers, who dumped inheritances as downpayments into homes that they bought for 600k, 700k, and 800k. I know that two of these homes are 35yr mortgages, and for all three, they required major renovations, into six figures. (The) thing is: before their inheritances they were living hand to mouth. And now, although “homeowners”, they are living hand to mouth once again, only they have a mortgages spanning quite possibly for the rest of their natural lives.”