“We are in a position to buy a house without a mortgage, but I have no interest in touching this particular RE market, because it is grossly overpriced.”

Canayjun at VREAA 15 Feb 2011 8:27am“We owned a house from 1987 to 2009. We sold for a good price in 2009. When we bought in 1987 we put 25% down. But today they made it so anyone could buy a house, which on the surface sounds good, but in reality, some people should not buy a house. Specifically those people who can’t afford it, should not buy a house. By enabling people who can’t really afford to buy a house to do just that, they made it so people with actual wealth are shut out.
We sold because our adult children moved out. And we didn’t want or need to live across the street from a school anymore. We lived in that particular area because it was best for our kids. When they moved out it made sense to sell and move to an area that we liked. We are in a position to buy a house without a mortgage, but I have no interest in touching this particular RE market, because it is grossly overpriced. I really don’t care what anyone thinks of renters, good or bad. And the longer we rent the more I like it, outside of some of the weird stuff newbie landlords do, it’s mostly good.”

3 responses to ““We are in a position to buy a house without a mortgage, but I have no interest in touching this particular RE market, because it is grossly overpriced.”

  1. Village Whisperer

    That and the fact the opportunities for return by placing that much money in other investments is huge. Real Estate is a very poor investment right now.

  2. This particular market really is a fool’s market. If you don’t have a dime to put down on a house, then now is the time for you to buy. But you will be buying in at the peak. And a foolish newbie will do just that because they have everyone from realtors, banks, mortgage brokers, the CREA, the Home Builders Association, etc., telling them NOW is the time to buy. Now IS the time to buy, because it is what’s BEST for those people who are telling you to buy now. These people NEED you to buy now, because they are hurting big time for those sales.

    We can afford to buy three properties, all mortgage free right now. We are not touching this market. Renting is working out great. And if we end up renting for the rest of our lives, so be it. I will leave it to my two adult children to buy a house somewhere far down the road, if it makes sense at that time.

    This is all going to happen again twenty years from now, by then the newbie buyers of today will know how this sucker really works.

  3. I live in Vancouver and echo much that has been commented hear. I heard that Vancouver is the second most expensive market to buy in the world! I would think renters would be on the up as how many young adults starting families can actually get into the market and survive the stress even if they can at the prices that are offered! 950K and up for a small late 1950’s Bungalow is CRAZY! and these are homes that are not necessarily in desirable areas of town. Most of these homes are finished sloping to the side broken old pipes and ancient heat systems that are simply tear-downs and the price SHOULD reflect a tear down but they don’t and thats part of the problem. A well they are snapped up because the alternative for a young buyer is to purchase the next level up at 1.3mill etc. Not going to happen so compete with many other groups house hungry to buy the ugly bottom feeder house at 900k and deal with it. Its like you are being backed up into a corner. Yikes thats crazy but true right now around here. I really think it will fall soon how can realtors banks etc expect these young people to afford the mark up, really! If you can sell now you win imo take your money invest it wisely buy a small apartment use it or rent it out. I think thats going to be where its at in the near future because we all need a place to hang the hat at the end of the day.

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