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
“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…”