We’re at all-time high prices, and some investors are somehow already in trouble. What happens when the variable rate goes up and prices start dropping? -vreaa.
“I have friends that bought investment property over the past two years. They have rental condos in the Greater Vancouver area. They told me that if they sold the properties now they would be break even on one and take a loss on the other. They said that it is best to wait five years for the market to recover, then the property will regain its value. This is when it gets painful. I don’t have the heart to them that I think the market is on a long slow ride to the bottom and will not be going back to the its inflated price range for a very long time. I think many of us will see friends and family that bought into the real estate hype and will soon have big financial losses.”