A house is a house is a house. Realestate is a funny thing it can make people really wealthy if played well. Lady a few years back came into Regina from Edmonton and Bought lots of 60 to 100 thousand homes. When the boom hit sold them for 300 plus. Thats money timing etc.
Buying farm land before the boom at 50000 and selling at 400000 that is good timing.
But then you can do the opposite like a lot of city family who bought Condos on Spec at Peak and now own a condo that is worth 50000 or less.
Or the Developer who went to Phoenix Arizona before 2008 and thought they could do what fast what took years to do here. Hundreds of homes that no one wanted or could afford.
Or the Chinese money pouring into Vancouver a few years ago. If family member would have sold his north Vancouver home for 2.5 a year ago he could of relocated to Houston purchased a Million Dollar home their and had kids in private school plus gated community. With Same job and a Mill in Bank.
Its about what seems right and what you need to do and what you want to do.
I should of bought the Old Canadian Tire Guys house at the End of my block for less than 300,000.00 back a few years ago with its private elevator and swim pool in Basement etc double lot etc. But no I got scared as a younger guy starting out with young family and stayed in my Normal size home and paid it off. Well mine is still doing ok but the Big home down the street is doing better. Now because people want to move to nicer neighbourhoods owning a smaller home may hold its value better in the long run than the bigger. Ti e will tell but you still need a roof over your head to live.
Now lots of Young miss step one with a starter home now and go directly to the top end smaller home. This is thanks to Low low interest rates then they have a car that is small and nothing done in Basement of Back yard etc. Interest rate hike would kill them if 8% ever came back.
So the housing thing is funny and a game that will continue to be watched.
Condos in Regina are dropping and dropping hard.
Buying farm land before the boom at 50000 and selling at 400000 that is good timing.
But then you can do the opposite like a lot of city family who bought Condos on Spec at Peak and now own a condo that is worth 50000 or less.
Or the Developer who went to Phoenix Arizona before 2008 and thought they could do what fast what took years to do here. Hundreds of homes that no one wanted or could afford.
Or the Chinese money pouring into Vancouver a few years ago. If family member would have sold his north Vancouver home for 2.5 a year ago he could of relocated to Houston purchased a Million Dollar home their and had kids in private school plus gated community. With Same job and a Mill in Bank.
Its about what seems right and what you need to do and what you want to do.
I should of bought the Old Canadian Tire Guys house at the End of my block for less than 300,000.00 back a few years ago with its private elevator and swim pool in Basement etc double lot etc. But no I got scared as a younger guy starting out with young family and stayed in my Normal size home and paid it off. Well mine is still doing ok but the Big home down the street is doing better. Now because people want to move to nicer neighbourhoods owning a smaller home may hold its value better in the long run than the bigger. Ti e will tell but you still need a roof over your head to live.
Now lots of Young miss step one with a starter home now and go directly to the top end smaller home. This is thanks to Low low interest rates then they have a car that is small and nothing done in Basement of Back yard etc. Interest rate hike would kill them if 8% ever came back.
So the housing thing is funny and a game that will continue to be watched.
Condos in Regina are dropping and dropping hard.
Comment