“Just a quick update on the couple I know in Burnaby who are expecting a third child and trying to sell to move up to a bigger place. I drive by their $820k ‘starter home’ every morning on my way to work. After a series of weekend open houses every weekend for about a month, the ‘for sale’ sign has disappeared from the lawn. My wife figures they got too close to the baby’s birth to be able to deal with a move. I think the sign might show up again once the realtor brother figures the buyers are back for the fall run. I’m hoping they decided to just stay put as their plan was to sell and buy a bigger place for over a million. Selling and renting was never in the cards.”
– lexlimo at VREAA 22 Aug 2012 12:21am
1. Move-uppers may seem to have done well, but their increased exposure puts them at increased risk in a downturn.
2. Sometimes, by chance, market conditions prevent people from making even bigger mistakes. This couple will likely look back and ‘thank’ their child for “saving” them from the move-up.