Quote:
Originally Posted by Snuffleupagus
Not sure why their scared, if they can't handle the measly 3-6% of ROI they can always sell for a large profit! I bought my first house in 1994 for $122k, it's been a rental since I paid it off a few years ago and I bought a small condo for myself of which the rental almost completely pays for, I have a great family renting the house but they just can't afford a house worth $550-600k, I haven't raised their rent in the 3 years they've been there but when I sell it in a few years for retirement I think I'll feel like a criminal.
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Sounds like you got in at a great time and were fortunate to be have the means to do so, both financial and big-picture awareness. I'm moreso concerned for those who bought into the market the last 1-2 years when they could barely qualify at the low interest rate and their rental ROI was 3-6% at that time. Housing bubble has burst and in free fall in some areas of Canada now with more sellers than buyers too, interest rates will have doubled soon enough, other costs escalated dramatically, they haven't raised rent much/any.