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Well from what everyone I know tells me, it's worth it to live where they do. With acreage at the premium it is now, I'll likely have to do the same at least for a few years. Health wise I was considering the stress of city gridlock daily, when I work in the north I can usually tolerate a 2hr commute but I've only done it short term. Considering if I'm in the city my commute has been up to 3.5hrs in the snow (for a 40 minute fair weather commute)Quote:
Originally Posted by contaucreek
That's impressive what makes and engines?
Quote:
Originally Posted by contaucreek
Cavalier's, 2.2, '02 and '04 Next was a 2006 HHR, totalled by a red light runner after 6 months now another HHR 330k and doing great, 2.4's in the HHR's. All were bought used or very used.
100%. Borrowing money is not a bad thing ... in fact could be quite the opposite, if you make calculated investments with that money.Quote:
Originally Posted by Species8472
THAT is how most people can get themselves into some wealth ... I like the strategy I heard the Chinese use. It goes something like this ...
instead of buying a Ferrari, buy something that will generate income and pay for the Ferrari.
If you are young, you wont understand the housing boom and bust cycle I personally watched for last 40 years...its coming, this cycle of walk aways and higher interest rates. Anyone old enough understands this.
As I wrote about selling my townhome in Sept for 480K (when I only paid 194K), that person will more then likely loose this home - but I made out like a bandit and became Mortgage free, and turned that investment into a country property, that yes I paid more for..but…. its paid for - and will not suffer the same hit in loss in city.
So win-win for me. I had friends in 80's who played the buy sell game over a couple of years finally getting the 750K, then interest rates went up (with payments), and home prices dropped 30-40%, and they had higher payments with negative equity...and they walked away from 200 to 300K equity
My first house in 1985 was a mortgage walk away. They stripped the entire house before they left, door knobs, light fixtures, intercoms in 4 rooms, all removed. It was more work, but what a deal.
I was in Calgary back in the late 70's when they got hit with a 'bubble' burst...the Banks were left holding hundreds of mortgages.
Once they Emergency Benefits stop and Banks start collecting their monthly payments again I can see more than a few people walking away.
Another reason why I wouldn’t bet on a crash. Over the last year there’s already y been a large exodus. Have prices dipped at all? And once immigration comes back....
https://m.huffingtonpost.ca/entry/ca...LzVADCS50iLw34
I wonder how much property this guy own's in Toronto and Vancouver
https://www.cbc.ca/news/politics/men...visa-1.5872287
Wait until the government stops paying everyone lol.Quote:
Originally Posted by JBen
The government is only cushioning the fall. .
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