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Sympthsical

(9,238 posts)
18. I've mentioned this before
Thu Aug 5, 2021, 03:45 PM
Aug 2021

My house value went up 27% over the past 18 months. Now that people, especially in tech, are no longer chained to offices and desks in the city and Silicon Valley, they're starting to sniff out cheaper real estate (key word being cheaper - not cheap). North Bay is starting its steep upward trajectory. Lots of apartments, condos, etc. being built in the area, which has a lot of available land.

Before I bought my home, I lived in an apartment. About halfway through my time there, the building was bought by Chinese investors who lived in China. It's been happening all over the Bay. (And maintenance went straight into the toilet. I was repairing everything myself).

We put 20% down and put extra against the loan regularly (biweekly mortgage, plus if we have extra for whatever reason. Covid killed a lot of leisure activities, eating out, vacation, etc. So a lot of that just went into the house. We see it as a long-term investment).

18 months later, we now owe less than 30% of the house's value.

Great for us. Not so great for people trying to buy who aren't getting those silicon salaries.

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