I hear people all the time talking about the housing prices being so high due to foreign investment and to give credit where credit is due; they are partly right but Nanna and G-pa are also keeping the "affordability gap" far from reach.

 

The transfer of wealth is one of the reasons, I believe, that housing prices are not going to diminish anytime soon. There is too much money floating around with the elderly and by rewarding their children and grand children, this in turn is keeping housing prices in the outer stratosphere. That little inheritance makes for a pretty sweet down payment on some of the East Van homes that are for sale these days.


All that being said, it might be time to take grandma out for tea... If you’re not in the market right now, you should take advantage of current low interest rates to buy into the game, as prices are likely to only rise. Hesitation wreaks devastation. Especially if that inheritance is no where to be found...

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