Quote:
Originally Posted by polak
Would you rather be 25, starting a life at the beginning of a bubble, or at the end of a bubble?
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I'd rather be 25 period.
The thing with bubbles/cycles, is that you don't often know where you are, until it is over.
Cool story bro time: I bought my first house in 1998. The market was super hot and had been so for a few years. I felt like I had missed my opportunity to buy, because prices seemed insane and supply was gobbled up in days, if not hours. Finally did pull the trigger, about 15% higher than I wanted to go and instantly felt sick about it. I was convinced that I would be the guy that bought in Calgary and lost money.
Purchase Price: $180k for a bungalow in Altadore on a 50 ft lot.
Moral: Have a decent down payment, forecast for higher interest rates, understand your finances/needs, and buying real estate is unlikely to be a bad deal for you.