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Tying this into a car discussion I remember when I bought my car a few years ago and the 25 year old car salesman told me I was foolish to buy my car and that I should instead lease and use the money to put a deposit on a pre-sale condo. He told me I could easily earn at least 10% per year and then sell the condo in a few years when the lease comes up. I guess he was too young or too optimistic to ever expect real estate prices could ever go down in Vancouver.
There has just been way too much speculation, property flipping, foreign money, and money laundering that has driven property prices out of reach for normal every day Canadians. Of course the corrupt Liberals did absolutely nothing to stop this because they and their supporters were making too much money from runaway prices. Because there was no government intervention until last year property prices were artificially inflated by 15% to 25% so a corresponding drop is normal and healthy for long term stability.
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