“A buddy of mine on the Island put his home on the market in August…..not a sniff. He is freaking out as he had hoped to ‘move-up’ and is carrying a big monthly mortgage.”

pb at RE Talks 27 Sep 2010 10:25 am“I have a buddy on the Island. Just finished the renos on his home. Put it on the market in August…..not a sniff. His house is in a very desirable neighbourhood. He is freaking out as he had hoped to move “up” and is carrying a big monthly mortgage. I told him there are still buyers out there, and to be willing to move south with his negotiations in order to dump….
Went to a downtown art show this weekend. Unanimously, the boomer crowd talked of …”stick a fork in it.” This, the same group (many I know) were speaking a different tune a couple years ago…. They were afraid that the CMHC insuring mortgages may have been the biggest mistake ever….they were afraid that in a severe RE downturn it wasn’t fair that taxpayers should have to bail out negligent buyers…”

One response to ““A buddy of mine on the Island put his home on the market in August…..not a sniff. He is freaking out as he had hoped to ‘move-up’ and is carrying a big monthly mortgage.”

  1. He shouldn’t be complaining about his mortgage– if he was planning on selling and moving up, he’d have an even bigger mortgage!

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