According to this article on CKNW – Vancouver’s hot real estate market is creating conditions where the buyer must beware, particularly in the condo market. Really?? You mean prior to this you could blindly stumble into a purchase costing several hundred thousand dollars, not do any research and be just fine?
That from mortgage consultant Peter Kinch after some real estate developers have been told to stop selling condos thanks to allegations of duplicate sales and missing deposits.
Kinch says potential buyers are too often focused on buying quickly instead of doing more research, “There’s this pending sense of ‘If I don’t get in now, prices are going to keep rising and I’d better get in now.’ People are hearing stories of all their friends who have made so much money in real estate and they’re jumping on the bandwagon and I think these are the individuals that are becoming the most vulnerable.”
..ok, fair enough, but who’s fault is that? I mean sure, interest only loans and the constant blare of real-estate marketing may help to create conditions where people feel the need to buy something they can’t afford to buy before they are unable to afford it, but come on! Just where is the line between someone dumb enough to leap into a deal that they haven’t checked out, but smart enough to be able to sign their name?