Should I invest in real estate living in Canada? I make 100k but am a first time buyer and don't have any equity. I looked into getting a house, but it looks untenable without a significant downpayment (400k) or a ridiculous income (350k+).
So I figured, to start off buying a condo then renting it out just to build some equity (I live with my parents).
However, I've been hearing from some people and in niche online areas, that the market is unsustainable and will crash. So.. Doesn't make sense for me to get a 400k condo and a 300k mortgage only to get obliterated when the condo turns into 200k..
I don't want to be the one buying at the top and get left holding the bags, again, this is for an investment as I already have a place to live.
Should I just keep saving, and wait for a couple years, see what happens? I'd get a much better mortgage too, may be able to buy a condo outright without one. May head over to the states and make more money.
Alot of people will say, "what about the 1 mil immigrants a year!", They are all poor.. They aren't the ones buying houses, you need to be atleast a 2nd or 3rd time home buyer, or making 350k+ minimum to afford a place here.. So I don't think that's it.. Honestly have no idea how prices are this high, even with 2nd+ home time buyers, there can't be enough to justify this market.