Quote:
Originally Posted by Marshall Placid
Just my two cents... since this thread was revived since last month (Nov. 6).
I remember reading an article, a few years ago, that about 25% of home-buyers, had help from their parents.
Now, I must stress I am not for or against help.
That is not the point of my post here.
Fast forward to this year, and I remember reading an article that now, about 75% of home-buyers have help from parents for buying a house.
My two cents, really, is that once the source of help from parents dry up, or once that percentage gets closer to 99% (or whatever), then we'll have a big problem with the real estate prices (as in stagnation or decreases).
There will be fewer buyers to soak up the mid range to lower range market.
Of course, other factors definitely contribute to the ups and downs of the real estate market, but I'm focusing solely on parental help in my post.
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This thread titled should be change, my previous posts in 2013 mentioned I believe the market will be decreasing this year. Boy was I wrong, it's one of the hottest years in real estate, commercial, residential et all. it's going up a good 10-15% in most areas.
I think the parents helping home-buyers tend to be more prevalent in the condo market. The newly built condos keep getting smaller and smaller with higher strata fees.
But the single family home market is mostly affected by two main players: builders and chinese buyers. You have builders buying tear downs and building mansions they get sold to the mainland chinese. Or sometimes the chinese just buy the lot and hire a builder to tear it down and build a new mansion. I don't think any of these guys will care if interest rates go up or all the regular factors that affect us middle class folks.
Some of the homes in south burnaby sold for over $2million. Just the lot value for a tear down in metrotown area is now $1million.
so many big stocky homes coming up this year.
I guess I'm just mind-blown how
more out of wack our real estate is here in Vancouver.