Delaying Buying – “It’s hard to believe the there won’t be a market correction”.

This was posted to the ‘9. Delaying Buying’ thread by ‘lousyspellr’ –

“Married 10 years, my wife and I have both been working and saving while renting our home. We live in a fantastic suite in an older, but well-maintained house. We’re in a great location and love everything about it. We had our first child 2 years ago and are expecting another in a few months. We hope to be able to make it work, but it’s starting to feel a little tight. We have been in a position to buy for many years, and have watched in dismay as prices have soared beyond our reach. I try not to have regrets, we have been very happy in our rented suite, and haven’t EVER seen a rent increase. Our savings are good and we have no debt. Have made some good investments, but lately other investments (mutual funds mostly) have not performed so well. I find myself at a loss as to what to do with our saved downpayment. I do not want to risk it, but would of course like it to earn as much as possible while not tied-up in RE. It’s hard to believe the there won’t be a market correction at some point given what we’re seeing: US economic crisis, the forestry sector downturn, an Olympic world party that will come and go leaving the province significantly in debt and Olympic ’speculators’ sadly disappointed (I hope), ever increasing housing supply with little change in demand, the completion of many large construction projects leading to increasing unemployment in that sector… I’m sure you can think of many more.”

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