Two anecdotes. The second on the stigma of renting.
IT_Pro at vancouvercondo.info 25 Oct 2010 2.17pm – “I was talking to a friend (I guess you could call it a date) last week and the topic of RE came up. I shared my bearish views which prompted her to share a couple stories. She mentioned she has a friend in West Van that own a $5ish million house and hasn’t been able to sell it and she’s getting scared since she “can’t” lower her price…and she hasn’t been able to rent it either. She was forced to rent out her smaller primary residence and move into the West Van place. Apparently she doesn’t think she can hang on much longer. I’ll try to get more details as I’m curious how she got herself into this pickle in the first place.
Also, this same girl I was talking to has a sister moving back to Van with her family (two very young kids). Her husband does very well. They already own a 1bdrm in Van that they want to keep as a rental property (it’s too small for them now). They plan to build their dream home in Point Grey when they move back, but they need a place to live while its being built, so they were planning on buying a townhouse while it’s being built. They worked out the numbers and now they are worried that they can’t afford to buy the townhouse without selling the 1bdrm. So that is when I said, “why don’t they rent while they are building the house, then they could keep the 1bdrm…it’s much cheaper to rent than to own in Vancouver”. Well, you should have seen the look on her face while she processed what I just said. I’m pretty sure she wanted to say “they won’t consider renting because they have a family”, or “they would no longer consider renting at this stage in their life”…but I think she may not have wanted to offend me as she new I was a renter. After quite a few ums and awes she failed to comment. It won’t be long before renting will be back in vogue. Vanity will be the great equalizer.”