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The Folly of Timing the Real Estate Market, Part 2

Last month, I wrote about our neighbours. In short, they were looking to cash out of their house and move further north.

At the time, I assumed they had a mortgage. However, further inquiries by my mother-in-law have revealed this isn't the case. Their house is actually mortgage free!

However, it's not a matter of buying another house after selling their current one. It's actually a very complicated story. So let's get to it.

From what was detailed by the mother-in-law, the neighbours planned to eventually end up in a condo. That's great! Owning a house is a lot of work and the neighbours are getting up there in age.

Unfortunately, it's not so cut and dry. Back in November, they purchased a detached house up north (north of highway 404 apparently) for around $800,000 as an investment. Two years ago, a house in this area was selling for $500,000. It appears the neighbours were lured by the prospect of easy money.

We don't know the size of their mortgage.

Fro…

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