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Just wait, the market WILL correct itself. Its going to happen, how much? I dunno, but prices here in Vancouver are crazy, obviously driven by the Olympics. Interesting fact my financial advisor told me; If you look at every place thats had the olympics, about 2-3 years before it happens, the real estate market has always crashed or gone down prior to the games. Great example, Sydney's market is STILL recovering.. For now, i'll keep renting, there will be plenty of selections on places in the not to near future ;) Thank god for all those no down payment mortgages..
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