A lesson in leverage for @owenbigland and the Trees Grow to the Sky crowd: including transaction costs and fees you pay him for bad advice, a #FTHB with 5% down is underwater from day one. 85:1 leverage (that’s what’s available) results in asymmetric losses when prices fall. https://twitter.com/owenbigland/status/1297912062463500288

Buy a condo for $500K w 5% down: prices fall 10% and you’re forced to sell, you’ve lost your $25K d/p and still owe $25K more on your mortgage, plus the costs @owenbigland missed: $19K for mortgage insurance, $25K real estate fees, $30K interest, legal costs, land transfer taxes.

There should be laws against people like @owenbigland giving this kind of irresponsible financial advice @BCSC_Info @BCFSA_Info @ConsumerProBC @RECBCofficial