If you live in Canada, you are probably a real estate expert, just like me.
After all my house has doubled and probably tripled, and will likely soon quadruple in value and I've only owned it 13 or 14 years. People in Vancouver are apparently even smarter than us! Ottawa maybe not so much, but it's filled with politicians so that makes sense anyways. So as my equally astute neighbour (who is a teacher, and they know everything) says to me for the 40th time, "we should have bought two houses".
Yes, probably should have, hindsight is 20/20. Then the conversation continues, we should sell, but you have to live somewhere etc.
The next question is will it continue? What's driving it? Does it make sense? What are the long-term averages? And the best one, should I buy a condo in Toronto?
Unfortunately I don't have any answers but a recent comment from someone did scare me a little as they said China may stop the outflow of funds from their country or at least they are trying.
And yes, that's one theory, Canadian real estate truly is cheap compared to other places in the world so foreign money may be partially responsible for my brilliance...and yours.
No I don't have the answers, and everyone has an opinion but I'm sure that 600 square foot condo in downtown Toronto for $315,000 is a deal...I better grab it.
Just my opinion.