Real estate "investors" (those who buy up multiple properties and rent them out) are -- in my personal opinion -- engaging in an activity that is harmful to the country, and which has been directly harming fellow Canadians. Here I am talking about people who own more than 2 properties when it's not used by their own family.
Yes I know that all of you have become filthy rich off this practice in the last ~ 30 years. It's been a great time for property investors. Extreme leverage into a never ending bull market, in a declining rate environment, will produce riches.
But I ask you to consider the harm you're causing Canadians. All those mortgages you've been getting end up putting artificial buying demand into the market. You are bidding against people like me (and all my friends) who actually need houses to live in.
~ ~ My suggestion ~ ~
You've gotten rich enough. Cash out and walk away.
Sell your properties now. Liquidate them. Even if you've built up a long term portfolio. You have an opportunity here to sell at record high prices. In case you haven't heard, the Bank of Canada is in a rate hiking cycle. It really hasn't even started yet, so you still have an opportunity to sell your properties now. And how many years do you think a RE bull market is going to last? It's already been 30 years. Or do you think it's going to last 50 years?
If you're leveraged in several properties, and if this whole thing goes tits-up, nobody will shed any tears for you. There is VERY little sympathy in this country for property investors who have driven prices sky high.
Again: sell your properties now and walk away. You have a great exit opportunity here, before interest rates really get crazy.
Yes I know that all of you have become filthy rich off this practice in the last ~ 30 years. It's been a great time for property investors. Extreme leverage into a never ending bull market, in a declining rate environment, will produce riches.
But I ask you to consider the harm you're causing Canadians. All those mortgages you've been getting end up putting artificial buying demand into the market. You are bidding against people like me (and all my friends) who actually need houses to live in.
~ ~ My suggestion ~ ~
You've gotten rich enough. Cash out and walk away.
Sell your properties now. Liquidate them. Even if you've built up a long term portfolio. You have an opportunity here to sell at record high prices. In case you haven't heard, the Bank of Canada is in a rate hiking cycle. It really hasn't even started yet, so you still have an opportunity to sell your properties now. And how many years do you think a RE bull market is going to last? It's already been 30 years. Or do you think it's going to last 50 years?
If you're leveraged in several properties, and if this whole thing goes tits-up, nobody will shed any tears for you. There is VERY little sympathy in this country for property investors who have driven prices sky high.
Again: sell your properties now and walk away. You have a great exit opportunity here, before interest rates really get crazy.