Quote:
Originally Posted by calgarygeologist
In my personal experience, I would say that close to 2 out of 3 people I know and closely associate with have at least two properties. Second properties are either vacation/cabins or rental/investment properties.
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And, how many of those originally lived in the rental/investment property? Most of the people I know with "rentals" or "investment properties" once had them as primary residences and decided to rent them out because the rental income mostly or fully covered the payments but selling and fully walking away would have netted them very little or a negative position - so they became landlords. For some of these people it could be the best savings account ever - for others a liability. But most people I know with a investment funds available aren't buying SFH's or Condo apartments with a goal of becoming a real estate mogul. If they wanted to do that they'd probably just buy an apartment building, or industrial building. Besides that they're starting companies, deciding to work for themselves or just dumping cash into the market.
Vacation properties don't count your 50/50 buyers wanting to live there and buying rental/investment properties doesn't mention vacation homes.