housing in a bubble

Toronto, 2014.08.21

When your kids are too big an noisy for your apartment, but the housing market's gone bubbly, you must ride it out. Or so it's looking. Some friends live in a house up the street that they bought for $150,000 in the 90's. Across the street, a house just sold for $2,000,000. Also on our street, a dilapidated two-unit rental building was listed for $640,000 (who knows what it sold for). Knowing what the rental income is for the units, I can't figure out how the buyer expects it to pay!

Something tells me this isn't the time to buy.

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