biophase
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What you think is a good deal is subjective. That's why the prices are still where they are. If nobody thought they were a good deal, the prices would come down. Your value system is different than others right now. Maybe it will never be the same and maybe real estate will always seem too expensive for you.Sure Calgary is cheap compared to Vancouver, but that doesn't make it a good deal.
This is because if they came down $1, they would be scooped up by someone who thought the price was right.I have not seen houses come down even 1 dollar with the increased interest rates.
I heard this story of a lady that wanted to buy a condo in one of my complexes. The price was $900k pre-covid. She thought it was too expensive. Then it went up to $1.2M during covid, now she thought it was crazy people expensive. Then $1.6M, wow who is so dumb to buy? Now $1.75M, now FOMO has set in.
Rumor has it that she is stilling waiting for prices to drop.
Well, there you go. If this is what you think, then why don't you think it's a good deal?I am pretty sure Canada's net population growth far exceeds new home development, by a fair margin.
This argument just doesn't hold water. Anyone can find a larger home on more land somewhere else for cheaper. I'm sure you can find a house on 200 acres somewhere for $150k.I just don't see the value in it. I can (and am looking) get a home or land 100m from the ocean in Mexico for well under 300k.
Guess why? It's because of location. Why is it cheaper? Because you probably don't want to live there.
People want to live in Calgary, so home prices go up. Not as many people want to live in Mexico so the price is $300k.For a decent nothing fancy home in Calgary it's 800k. For something with a yard for the kids and it being renovated it's 1m+. Interest rates be damned.
I think I would also see more value in owning my own rental properties, rather than my own home. Maybe I'm nuts though.
To solve your problem, just move somewhere that other people don't want to live.
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