[Sylvanfan]

Well I'm not going to quote your whole post. IMO Those aren't my fears, I just find it funny when people say a crash would be good. In order for an all out crash to occur....something really bad has to happen that fata's pretty much anyone who was trying to build wealth...hence..crash. When in fact they maybe want a correction. No doubt even a 5-10% decrease in price over the next 12 months would help most people out and most home owners would still be in fantastic shape. But for 25-30% to occur you're talking about a pretty substantial ecomic recession in which people will be having a tough time getting work and the like. I lived in Prince George from 1996 to 2001 and over about a two years period that happened. Unemployment was like 20% and things were really bad there. I don't think I'd ever wish that on anyone again having experienced it, and I was luckey. I had a job that wasn't that adversely affected, but it still sucked for the general population. In fact I did really well because I wasn't a home owner, could rent dirt cheap and had all the bargaining power in the world if I wanted to buy something. Certainly there are those who can really take advantage if a down time if they're still making a living. But those people are a select few.
But really look at Western Europe or Japan...how do people in those countries own land? Because generations help each other out and pass on wealth. IMO many North American families are now established into their 3rd and 4th generation and my wild guess is that they're a lot better off now than they were 75 to 100 years ago when many of them first came to North America. Chances are you will inherit a fair bit from your parents and that you will have even more to pass down to your own children someday. As much as North Americans like to cling to their make it for yourself ideal, a big chunk of your childrens future is going to hedge on how much you helped them out. No doubt my folks helped my out a lot, and if I ever have my own kids, I won't hestitae to try and help them out even more. And no I don't apologize for this to those who'll say I'm a spoiled kid who had everything given to me.

EDIT....and for the 26 year old guy who owns 5 houses...I say good for him. At his age he easily could have been blowing that money in the bar, or on a Hummer, or something ill advised. If he really deseved to make the money he should by buying all those houses, eventually he'll realize on way or another that he needs to balance his holdings in order to realize the maximum benefits.