Quote:
Originally Posted by Tapioca
Since everyone who doesn't own that coveted detached house is hoping for a crash, let's think of "what if".
Let's say the prices of detached houses in East Vancouver/Burnaby fell to 3 times the median family income. This would mean the average home should sell for 400-500K.
Who here has 100-150k sitting in the bank? Who's actually ready to put down that 20% and can service the payments?
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"Raises hand". I'd be all over an east side special. Also a reason why it's all under my mattress (figure of speech), as if we see that kind of a drop, I'm assuming most investments would be dropping too.
I'd say 3 of 4 of my closest friends are in a very similar situation as myself. The 4th has the income but I doubt he has 20%, but you never know.