You know who I feel sorry for? The poor dopes who've been waiting for the mainstream media to tell them its a good time to buy a home.
Here in the Okanagan I was cautioned not to buy in 2003 because prices were going to fall. Guess what? I bought anyway and my property had almost tripled in value by 2007. True that it fell off some in 2008/2009 but now it's back at about 2007 values. I'm sure glad I didn't listen, because at today's values I couldn't afford the home I have.
I've been a REALTOR for well over a decade now in the Okanagan and if I had a nickel for every time I hear the "B" word (bubble) I'd be rich. YES prices are high in Vancouver and Toronto. NO the entire Canadian market is not there. And, pity the poor dope who didn't buy in Vancouver 10 years ago because it was all going to fall.
There will always be fluctuations in real estate values. But do you know anyone who has owned property for more than 10 years who is sorry?
And....news flash. You have to live somewhere! You can either be paying off your own mortgage or paying off someone else's.
Let's say you waited the 10 years for prices to drop locally and you were looking then, in 2005, at a 300,000 home. They would have already dropped below and risen above that rate in that time. Meanwhile, lets say you paid a modest rent of 1,000 month. Now you've paid down someone else's mortgage in 10 years by a whopping 120,000!
Next time someone says "Bubble" you should say "Snap" and get going on your own home ownership.
Renting is a short play. If you're looking to build long term equity don't watch the news, talk to a great Realtor!
Here in the Okanagan I was cautioned not to buy in 2003 because prices were going to fall. Guess what? I bought anyway and my property had almost tripled in value by 2007. True that it fell off some in 2008/2009 but now it's back at about 2007 values. I'm sure glad I didn't listen, because at today's values I couldn't afford the home I have.
I've been a REALTOR for well over a decade now in the Okanagan and if I had a nickel for every time I hear the "B" word (bubble) I'd be rich. YES prices are high in Vancouver and Toronto. NO the entire Canadian market is not there. And, pity the poor dope who didn't buy in Vancouver 10 years ago because it was all going to fall.
There will always be fluctuations in real estate values. But do you know anyone who has owned property for more than 10 years who is sorry?
And....news flash. You have to live somewhere! You can either be paying off your own mortgage or paying off someone else's.
Let's say you waited the 10 years for prices to drop locally and you were looking then, in 2005, at a 300,000 home. They would have already dropped below and risen above that rate in that time. Meanwhile, lets say you paid a modest rent of 1,000 month. Now you've paid down someone else's mortgage in 10 years by a whopping 120,000!
Next time someone says "Bubble" you should say "Snap" and get going on your own home ownership.
Renting is a short play. If you're looking to build long term equity don't watch the news, talk to a great Realtor!
