I am forever outpriced

[metalhead]

A crash would just be seen as a buying opportunity for me.

Yup for you and all the bears, too.

[MultipleOffer]

pfffft bears don't buy... they just move the goalpost back a few yards... although a few have capitulated!!!!

[bestplaceonmeth]

One of my good friends has 3 home stay students. When I asked why? They said because we like meeting new people! WTF??? I think you need the $2,400/month. This couple is running a hotel in their house. They make a big dinner and parcel the left overs into containers for the student's lunches the next day. In the morning, it is up early to make breakfasts. Then clean toilets before going to work. Is this how people live in Vancouver?

That's what I always dreamed of growing up - becoming a full time housekeeper for Korean kids.

[noreason]

Well good to see many accountants on this forum, I'm an accountant myself but have moved into the finance side of things. I've been following the forum since about May when deciding whether to jump into the RE market or not.

I can give some feedback on the 400-550k market range, ie high end condos or houses out in the valley. I know personally 4 couples who have purchased + me and my spouse. We're all in our late 20's and all have combined gross incomes over 100k. All of us are first time home buyers so I guess we're the ones who are driving the market.

I can't speak for them, but the reason why we bought was because interest rates are at a historical low and prices dropped a little. But the most important was we just felt we needed to get on with our lives in a new place. Renting before just didn't feel right, we couldn't make improvements to the place without feeling that you were wasting money. I have no doubt that interest rates will rise in the near future and we plan to use the max monthly overpayments and get that principal down in the next 5 years.

[DownTurnLiving]

Congrats noreason. Yeah, some people here are overlooking principal being paid down when they argue the doom and gloom of interest rates going up. They talk as if the market will be made or broken only by the people buying 2 million dollar houses and assume they're just forever paying the bare minimum monthly on a 5 % down / 35 year mortgage.

[DAB]

Did I tell you they get home stay students in their house? They wake up early to make breakfast and lunches like slaves.

Not if you also have kids of your own. Then it's just a matter of cooking a bit more. It all depends on the home owner's situation. It's not all that bad.

[islandlandlord]

Did I tell you they get home stay students in their house? They wake up early to make breakfast and lunches like slaves.

Not if you also have kids of your own. Then it's just a matter of cooking a bit more. It all depends on the home owner's situation. It's not all that bad.

Exactly. Remember though DAB, the be rs have everyone's life figured out and because they can't/don't do it nobody else can either .

[DAB]

I can't speak for them, but the reason why we bought was because interest rates are at a historical low and prices dropped a little. But the most important was we just felt we needed to get on with our lives in a new place.

Good for you. When rates do rise in several years you'll have paid over some of the mortgage. And as for people who say that once rates increase, prices will drop. Have they ever thought what if prices don't drop enough to offset the higher interest rates? Then they'll be worse off. Or maybe prices stabilize and doesn't move. They are stuck waiting again and if they want to jump in, it will be at higher rates.

[eyesthebye]

I can't speak for them, but the reason why we bought was because interest rates are at a historical low and prices dropped a little. But the most important was we just felt we needed to get on with our lives in a new place.

Good for you. When rates do rise in several years you'll have paid over some of the mortgage. And as for people who say that once rates increase, prices will drop. Have they ever thought what if prices don't drop enough to offset the higher interest rates? Then they'll be worse off. Or maybe prices stabilize and doesn't move. They are stuck waiting again and if they want to jump in, it will be at higher rates.

the question not often asked to bears is...if rates rise, what are you gonna do? It'll be more expensive for everyone to get a mortgage. The truth is that the bears don't actually expect to own a home, they're hoping you lose yours. Taking delight in foreclosures, bankruptcies, unemployment, interest rate rises, etc. Gotta effect your life in a significant way to always hope for the worst for others

That calls for a...

[betamax]

The truth is that the bears don't actually expect to own a home....Gotta effect your life in a significant way to always hope for the worst for others

[eyesthebye]

just affirmation of my previous comment about you and your like Betamax

most bears think they "talk turkey" - but all I hear coming out of their mouths is chicken shit.

[pianoexcellence]

the question not often asked to bears is...if rates rise, what are you gonna do?

Big Down payment.

[eyesthebye]

the question not often asked to bears is...if rates rise, what are you gonna do?

Big Down payment.

what do you think is true?

Bears are rich and have Big Down payments

or

Bears are underfunded renter who cannot afford to buy

I rest my case

[metalhead]

If you rest your case on that, you lose.
I plan to pay cash for anything I buy in the next few years.

[registered]

I rest my case

'Case' is a good word. It's easy to convince yourself from a delimited little world in which rising interest rates have no effect on prices. Interest rates goes down, demand goes up. Interest rates rise, prices hold. Real estate: is there any magic it can't do?