This from rp at vancouvercondo.info 17th Nov 2009 10:31 am -
“My dreams of buying cheap real estate are over. I don’t need to own, and current buyers are far crazier than I would have *ever* expected. We just witnessed a worldwide financial crisis – the biggest in 80 years – and they are lining up to mortgage their lives away for a dream. Casting themselves onto the rocks is more like how I see it, because I don’t see how this could possibly be over. I save enough money to provide decent financial security for my family and will continue to do so. I’m 30 years old. It would feel good to settle down, but instead I’m going to remain flexible about where I live and what job I take.”
It could be worse for this guy.
I heard this today from a co-worker.
He just sold his Burnaby condo and is thrilled to have come out ahead. He bought in 2007 and was pretty much streched to the limit to make the payments. He had an unexpected expense in 2008 (I didnt ask what) and couldnt afford it. By now the market was dropping and he didnt want to sell at a loss so he threw a renter in there and moved back in with his parents. He was lucky enough to have the market rise and he made a small profit after all fees and is now renting happily having learned a valuable lesson.
davers -
Thanks for the anecdote, I’ll post it on the front page.