We bought a condo in February 2022 then as you know prices are going down while rates are flying up 😭 We're quite worried about the value of our home and can't really enjoy it. What's your thoughts about this? PS. First time home buyers 🤫

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Bought a home in April 2021 and we were at the peak market. Things were going crazy and we wanted to snag a home while we could. Bought 200k over what someone else did 4 months ago right beside us. We felt bad about it for a bit of time and saw prices start dropping, however think of it like this. You now own an asset that is not stock or cash. This asset provides both real-time value (you can live in it) and future value (home prices will continue to rise in the long run as we get more immigration, more tech workers flocking to Toronto, and potentially rental income in the future if you wanna move somewhere else). You're no worse off than anyone else. If you had planned to stay there for a short time, then consider renting it out when you want to leave. If you plan to stay long-term, then it doesn't matter because eventually your asset will appreciate, and likely at a rate better than anything you could get in the stock market.

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Waves right, in 8 years homes will be so expensive we'll have two types of ppl, forever home owners and forever renters.

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