moving to more affordale housing
This Huffpost article reports some Toronto home owners cashing out with enough money to move to mortgage free housing and banking the balance. The Toronto housing market which saw gains of 33.2% over last year has allowed families to downsize or move to more affordable areas after selling. Some fear the bubble could burst anytime and that now is the time to take the money and run.
Vancouver real estate had experienced the same gains, which have cooled since the recently imposed 15% foreign buyers tax.
If Nanaimo ever gets the much talked about downtown to downtown ferry, we could be well positioned to take advantage of a similar market trend should it develop in Vancouver.
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