sorry not attacking you, was making a point about generalizations based on a few friends which I have no doubt are well off. Obviously nothing wrong with that but the average joe on the street that just lost his/her job and has to take care of a kid or stay at home spouse is probably not as positive as your friends right now. Also, when I refer to investors, im not referring to Donald Trump. I'm referring to some average calgarian that had a good O&G job and over leveraged themselves thinking they can get rich in real estate. Many multiple home owners are just average people that will suffer once their jobs are gone and will be forced to at least sell their extra properties. Not everyone can afford to maintain two properties even if rented, and a lot of people that purchased at the top might not even be cash flow positive on their rentals after taking all expenses into account. Increasing property taxes is not helping either.
These are all factors that eventually add up. I'm not saying we're going into Detroit Mode, but when I was the CREB predict a price increase for this year I feel out of my chair laughing. I don't think we'll crash but our real estate market is heading for malaise no doubt.
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