“Some of them are investors who now just want to walk away from their units because they can’t afford it,”
Quite honestly, fuck them.
Houses shouldn’t be primarily thought of as an investment. A house shouldn’t be an investment in any way for someone who isn’t actually living there.
And for the person who does live there, the investment value of their home should be a much lower priority than the house’s value as a place to live.
At the same time, many are also reluctant to lower asking prices and book losses on their investment, he said, at least for now.
“There’s just limited willingness to lose money,” said Daniel Foch, director of economic research at RARE Real Estate. “It seems like nobody has really adjusted their expectations to a market in which they aren’t going to make a profit,” he said.
Oh no, won’t they think of those poor investors!
I’m a dual citizen with a lot of family in Canada. When I lived there, there was tons of homes owned by foreign investors especially the Chinese. Has Canada done anything yet about that?
Yes. When I purchased my new home last year my wife could not be on the title because she is American.
Thanks what I’ll tell my wife too 😉
Lets supposed instead of real estate one fancies themself a world-renowned collector of antique radiator caps, as many of us dreamed of being when we were kids.
Two years ago you were able to acquire a radiator cap signed by Edward Jones Miscellania, a respected local automobile mechanic, for $300,000. Two years later, an appraisal places the true value at a disappointing $75,000.
Then a fellow collector offers you $150,000. Okay, now you have a choice. You can say “Don’t be ridiculous! I already have $300,000 invested in this radiator cap.”; Or you can correctly reason: What I have personally invested does not matter. The only thing I should consider is whether the $150,000 is a good price for my radiator cap.
If you opt for the second choice and pocket the $150,000, you’ve learned a key secret to life:
What you personally have invested never matters