I lived in Edmonton for about 5 years while I completed my studies at the University of Alberta. At no point were my wife and I ever able to seriously consider to possibility of purchasing a home: it was just too expensive. And overpriced to a tee.
I'm not trying to be unsympathetic here but reports like this don't really bother me. I knew far too many people who jumped head-first into the real estate market without really having the means to pay for it. When asked why, the main reason was simply so that they wouldn't have to pay more later. I could maybe-sort of get the point, but it was perhaps a bit impractical.
Now prices are returning to more normal levels and I, for one, couldn't be happier. This increases the likelihood that I'll be able to purchase a home in the not-too-distant future. And I know I'm not the only one.
Home ownership shouldn't be some unachievable luxury item. That being said, the principle shouldn't be cheapened by rewarding and/or making it easier for those who are seemingly unable to make responsible financial decisions.
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3 comments:
Good luck. I hope you can become a homeowner.
Remember, home ownership is a lifestyle and not an investment as there are many hidden costs. Otherwise, enjoy and plant your garden, paint your rooms an off colour, and turn the music up while cooking curry.
Well said. Reminds me of all those good times as a building manager near the U of A. /shudder
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