“Enough is fcuking enough. Found out this morning I have to move again. My stupid mistake for not setting a 2nd lease. They are selling and cashing out – can’t blame them. They are friends of my brothers and gave us an indication they were holding long-term. SO STUPID OF ME!!! A 2 year old, prego wife, new job – timing could not be worse!
But seriously, I make good money (top 5% of Canadians), have done everything right from a financial planning perspective (pay yourself first, hired experience investors, diversified portfolio blah, blah, blah), analysed the market in detail and it hasn’t made any sense to buy in for YEARS. I couldn’t make myself buy in even back in 2007. But still it keeps going up, and lucky people keep getting to feel smug, and look down their nose at renters, and put themselves in CRAZY levels of debt. What the heck are you supposed to do get some stability (don’t answer that – I know get a lease – STUPID ME!). The very basic house I am in (getting booted from), in the neighborhood I grew up in will list and sell quickly for $850K!!!! Blows my mind.
All of this brought to you by our f’d up government who think grants to get more people into the market actually addresses the affordability problem. WTF!
We let real estate investors and contractors and planners run CMHC so they can drive more business for themselves. Really a government program to make housing more affordable and accessible insures INVESTMENT properties. WTF!!!
Total insanity. Heads gotta role at some point here. What’s involved in starting a revolution?????
Yes I’m tired of moving, but my biggest concern is what we are doing to Vancouver for the long-term. Assuming it ever goes down (starting to have doubts at times these days) the correction will be HUGE, and will slaughter so many of today’s smug faces. They will get their financial assess handed to them, and likely never recover. With how many of them there seems to be, what is that going to do to the city I grew up in and love, but have a hard time enjoying living in these days.
– RentersRant at VCI 29 Feb 2012 at 9:30pm
‘RentersRant’s biggest concern at this moment is clearly not about “what we are doing to Vancouver for the long term”, nor should it be. He has more immediate personal concerns about the profound inconvenience of being forced to move. We sympathize, moving ‘sucks’ at the best of times; when it is a forced move it is that much more unpleasant.
We also sympathize with his longer-term concerns for the city, and how his financial prudence has been punished by monetary policy & the speculative mania while all around the imprudent have been temporarily rewarded.
The spec mania applies destabilizing forces to the rental stock in the city. Any landlord capable of back of the napkin math, and who also has a modicum of insight into where we are in the RE cycle, should be selling. This is not good, it’s just another deleterious effect of the bubble.