I just had someone turn down a really good job offer because they have only been in their house for a few years and are currently underwater. It was a solid career move for someone getting started. In his situation, renting would have been a far better financial move.
That said, I was pretty overextended when I bought my first house but that was at the start of a boom in Grande Prairie so my salary grew quickly as did the house value which jumped 50% between breaking ground and my possession date. Ten years later it is worth less than I could have got the day I moved in.
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