Quote:
Originally Posted by pastarocket
-best chance for him to buy a house? He has a big income as an entrepreneur in his event marketing and film post production business. -would be able to save up for a big down payment even though he is paying rent now to a condo owner.
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Your "buddy" is going to be living on food stamps himself when his business is sewered if 40% of the city loses their houses or whatever he is expecting.
You think house prices are going to drop and thousands of people are going to foreclose on their places, and his event marketing business is going to be okay? Really? I dont think event marketing is going to be a booming business when we're living like the great depression. Nor is his post production company going to survive when nobody has money to spend on going to the movies.
Your buddy fundamentally misunderstands macro economics.
For the record I disagree with your friends understanding of what is about to happen the next couple years, there isn't a huge depression coming, yes we might see a correction in prices. but the majority of the city is not going to lose their homes. As always though, I eagerly await being proven wrong, cause i'm in the boat with all the people about to lose their shirts having bought a big new house in coquitlam last year.