Quote:
Originally Posted by kr4l
The first time home buyers program is such a double edged sword.
Govt offers assistance with down payment so everyone has money now. Too bad everyone's looking to buy and most are willing to go house poor to get in. Sellers also know this and raise the prices lol
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To be honest, I didn't think that the program would have much impact. The actual number of people in Metro Vancouver that have applied and been approved is quite low (a mere couple of hundred). But given that supply is very low for desirable entry level homes (condos that are in Vancouver or adjacent to Skytrain stations), the program has had some impact.
If you hang around finance blogs long enough, you become convinced that everyone is completely rational and rents + saves the difference. The reality is far different though.