Why would you have to move if there is a real estate crash? Unless your vocation / job is tied to the industry and/or personally overleveraged I don't see why you would need to.
Honestly I don't think that many "agents" will go broke either, since a lot of them moon light as RE agents to start.. Teachers, BCIT instructors etc etc They just return to their unionized jobs and not renew their licenses.
I think most of you guys were too young to remember the great crash in the 90s? There weren't any fire sale, it was the transaction decrease was really significant.
With the current macro condition, I can't really see the credit market to be reduced to the levels of the early 90s, even if all the gov stop their QE programs... unless both Germany and China economies both croak at the same time.. however instead of
Fortes fortuna adiuvat it is now
Fortissimo fortuna adiuvat, especially for the majority of the demographic of Revscene. But even so, if you don't do the minimums (ie 0 down etc etc), you should be okay. The thing is this crash is not a natural disaster, just like anything monetary it tends to be cyclical. Especially if you take a 40 year mortgage, I am sure you will see a few up and downs throughout the whole term. For me, I prefer mine to be ~10, so now is just not attractive for me.
Quote:
Originally Posted by Tapioca
The question is: what is everyone going to do when the crash hits? Cash in yourselves? Or just laugh at everyone for their foolishness? Is the crash going to change your views about Vancouver in the long-term, or are you still going to move to greener pastures and tell everyone that you lived through the great Vancouver real estate crash of 2014, 2015, etc?
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