Mortgage rates

[ddcanz]

Lol. People have been talking about a crash forever. I work with a guy who thought it was crazy to pay 400K for a house in Mission 10 years ago and he was going to wait. Same house is 700K now and he is still talking about a crash.

Will it happen? Does not matter to me but if that place were to drop 25% to 525K he would be the first to say I told you so.

Perfect example of why any so-called upcoming crash shouldn't be a reason to stay out of the market- and a good reason to buy in the outlying areas..
As market values rise and Vancouverites begin to cash out and look elsewhere the Valley market heats up and home sale values exceed expectations.
If values begin to drop those same City dwellers looking to get out will still be looking to the Valley or other more affordable options elsewhere. There is profit to be made.
In the meantime, does buddy continue to rent? Betcha he isn't investing as per the "rent vs. own" article- many people can not afford both.

 

[Elmore]

Perfect example of why any so-called upcoming crash shouldn't be a reason to stay out of the market- and a good reason to buy in the outlying areas..
As market values rise and Vancouverites begin to cash out and look elsewhere the Valley market heats up and home sale values exceed expectations.
If values begin to drop those same City dwellers looking to get out will still be looking to the Valley or other more affordable options elsewhere. There is profit to be made.
In the meantime, does buddy continue to rent? Betcha he isn't investing as per the "rent vs. own" article- many people can not afford both.

You bet he is still renting. And we know his rent is not what it was 10 years ago.

 

[Y21982]

I'm currently in the process of selling my house and in going to be renting and putting my equity to work as I'll recieve higher earnings than I would staying in this market
I am also a believer houses will be dropping approx 10%