Bought townhouse 2002; Sold for $150K profit; Bought $900K SFH; Major plumbing problems cost $100K; Income $200K so can afford the hit

jesse, the blogger who provides data regarding the Vancouver RE market at his invaluable blog, ‘Housing Analysis’, presented 4 anecdotes in a comment at VREAA 23 Mar 2010. They will each be headlined. As he says, they have in common low interest rates. -vreaa

“Family friends bought townhouse about 8 years ago in Vancouver. Both work for large banks so they’re likely close to $200K gross income. Sold their townhouse for (I’m guessing) around $150K profit and moved to $900K 5-year-old SFH. They found MAJOR plumbing problems and spent well over $100K to clean it up. Even still, with low interest rates and little discretionary spending, they have been able to afford the hit.”

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