Quote:
Originally Posted by blankall
K....then how do you make the jump up? You are tied to a condo with large mortgage. A decent sized 2 bedroom condo is going to cost $400k, and that's in the suburbs. In Vancouver proper a condo above 600 sq feet is going to run closer to $600k.
The issue is that the price of detached homes and even townhouses have now outpaced the condo growth. So while you are holding onto that condo and paying down the mortgage, you are actually falling further behind. 1 step forward and 2 steps back.
The problem with your suggestions is that they only hold true in markets being driven by internal forces. Where people can get jobs in line with the real estate prices. Foreign investment has made that impossible.
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To be fair, Canadians and other Western countries have been doing this to third world countries for a long time. Many locals Central American countries can't get into their local real estate market because of all the Americans and Canadians that buy up the properties and raise the market prices.
While I am all for curtailing the problem in Canada, I am also one of those Canadians who is interested in owning a piece of foreign property and recognize the hypocrisy.