One in five Vancouver condo units planned for development has been abandoned.
Prices have fallen by a quarter since the market peaked in April.
If you've made a windfall profit, take it and run. If you're leveraged up to the pits and speculating on big gains, bail. If you're within a few years of retirement with most of your net worth in four walls, suck it out. If you cannot afford to see your equity peeled back by a third or more, and stay that way for years, then retreat. If you listened to Mom and bought a condo with diddly down, get out.
Is now a good time to buy real estate amid glowing reports of low mortgage rates and high demand Professional pictures of stunning homes and condos with granite, marble and nine-foot ceilings all serve as eye candy, tempting gullible and may dupe home buyers to drop down payments on not-so-smart real estate buys.
House prices in Canada have soared compared to rental costs, to the point that paying a mortgage is 60 to 70 per cent more expensive than renting the same property. So why are the banks still saying it's a good time to buy?