This is exactly the case in Canada too.. You have young families of 2 (two newborns, husband + wife), where the husband is only working, and they're buying $600k+ new construction homes in the middle of nowhere thinking the price will go up by $200k in 2-3 years and they'll make a nice profit... Canada's real estate bubble is in for a very bad burst very soon..
Agreed, and it's going to be ugly- 2 bedroom townhomes in Toronto going for 2MM +, high %s of owners buying in spec expecting principals to skyrocket (and leasing at a loss in the meantime..)- hottest markets implementing foreign buyers taxes in hopes of cooling it down. I know a few realtors in Ottawa and Toronto millennial are pouring up here as they simply can't afford to own in TO.
Personally, I have no plans to own a principal residence anytime soon- have a great price on my condo, rather avoid the hassle and deploy $ to assets that generate a return
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.