Contrarians would currently be selling Canada and buying the US. Here’s somebody who is almost doing the reverse (not exactly the reverse, because they’re waiting before they buy BC). – vreaa
Fiendish Thingy at greaterfool.ca 24 Jul 2010 1:18 am -
“I’ve just sold my American Home of 19 years (in Santa Cruz, CA , the 2nd least affordable community in the U.S. – 7.5 times avg. income IIRC), and will rent for the next year or so until we move to BC. We are sick of the corruption of both major parties, and look forward to living in a country where most of our tax dollars aren’t gobbled up by illegal wars (including torture and wiretaps), bank bailouts, and corporate welfare. We know Canada isn’t a Utopia, but it will be Heaven compared to the insanity going on the past 10 years.
We are already landed immigrants, and are just waiting for our daughter to graduate college, and for us to find jobs (in the health professions) before moving and becoming renters in the lower mainland.
In the meantime, our over $300k USD from the sale of our home will remain liquid and available for the day when Canadian RE becomes more reasonably priced. In a few years, we hope to pay cash for a home, and have no mortgage. We are completely debt-free and loving it!
As for those who hope to buy American, there are definitely good deals out there, but more may be on the way. There is a huge backlog of foreclosures, and isn’t there a huge wave of Alt-A (you pick payment/interest only) mortgages about to reset in late 2010? I don’t think we’ve seen the bottom in the U.S. yet…”
There is very little you can buy for $300K in Vancouver. Even with a 10 or 20% price correction, the poster will be hardpressed to find anything other than a condo in the Lower Mainland.
Yes, but with a 40% drop in Vancouver RE, and a simultaneous 10c drop in the loonie against the USD, their US $300K may well end up netting them a Vancouver property currently selling for Can$600K+.
[This is not to endorse what these folks are doing. In fact, the opposite trade looks very good right now (sell Canadian RE, buy US RE.) Another good looking trade: sell Candian RE; wait; buy Canadian RE.]
Who says we want this draft dodging-wannabe know-it-all?
to buy 300K RE up here with no mortgage? you can buy a place in Hope.
VREAA is still dreaming for that 40% off eh.
Yes, indeed.
As per predictions.
So far, so good.
$300K not possible? Well it sounds like they’ll be in a 2br condo. Prices have gone up so much people seem prone to forget the “way it was.”
Condos need to be yielding north of 10% gross. It may confound given what you see around you, but that’s the way it’s going to be sooner or later.
Lives in Santa Cruz and “is sick of both parties”. Santa Cruz is to the left of Moscow under the Soviets. There’s not a Republican in 20 miles. I used to live near there. I know. Why not go to Cuba or North Korea? Sounds like it would fit in with your politics.
Ummm, rachel… are you familiar with Canadian and British Columbian social and economic policy?