Are Housing Blogger's Right about the Housing Crash?? I would have to say they nailed it with the US Housing Market. It will be the Canadian market next, especially Alberta (which is 6 months into a correction) and BC.
It's been awhile since I posted here, and I thought I had shut this Blog down. Well it's still open and it was interesting to take a read down memory lane.
I started this Blog up to help me collect and organize information on what to do after I sold my house. I ended up buying back in last year, but still feel that the BC Housing Market is going to correct. I am more sure of this now then I was last year.
So am I disappointed that I had bought and didn't wait for this correction to unfold? Not really, making some money would have been nice, but I also enjoy my place. It is my primary residence and not an investment property. If I was flipping, then I would be listing! I have paid off all my credit cards, home equity loans, and will be saving this year. I predict price inflation is next and we will see higher interest rates.
Remember when the TSX was around 14,000 and the Cheerleaders (Economists) were saying that investments will be ever increasing? Listening to the excuses for the recent drops, the reasons why we should buy into it, and the Central Banks cutting rates, is really interesting and scary. It looks like we aren't going to have a soft landing and there are going to be a lot of people hurt by this.
2008 looks like it will be another interesting year for Housing, Stock Markets, and Economy.
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3 comments:
I have owned property for over 10 years. I had to deal with terrible land lords, disgusting carpets, old dated greasy kitchens.
Granted you can replace the carpet and put money into a rental but who is going to do that unless you know you can have the property for a long time.
A friend needed to rent a place for her large family when they moved here (Victoria). The whole house was turquoise. Toilet, wall paper, paint and sink. She thought she was going crazy.
I agree with you about renting........it sucks. But that's easy for me (and you) to say since we have equity and can afford to own right now.
If I hadn't had my last house for 8 years then I would not have been able to affard to buy again.
Well you need a house to live anywayzz. So as long you are not speculating, flippinnn etc.. you got nothing to fear. Buying is better than renting in any market. You can't "TIME" the markets.
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