“Overheard this conversation today at a bus stop in the Lower Mainland:
A: I haven’t seen you very much lately
B: Yeah, we just bought a house and it is constantly in need of repairs. Every time we touch something it breaks. We opened a window and the glass fell out so we had to fix that. We had to get a new furnace. We had to replace this. We had to replace that. We keep finding deficiencies that need to be replaced.
A: Oh that sounds stressful!
B: Yes, it is stressful. And to add to our stress, the condo we were living in before we purchased this house isn’t selling. Our realtor told us the reason our condo isn’t selling is because the carpets smell bad and that we should replace them. We can’t afford to install new carpetting so we are thinking about just getting them cleaned to save money. He is telling us that these carpets are such a big problem but we don’t understand because the same realtor sold us that condo with the same smelly carpets in it. I don’t understand what has changed.
…It was all I could do to bite my tongue and not tell this person that they have a much bigger problem than smelly carpets.”
Carrying TWO properties, with leverage, into a downturn, is a recipe for personal financial disaster.
A good number of Vancouver households are carrying more than two.