Mortgage leverage is more like 20x for first time buyers
VA loans have even higher leverage
VA loans have even higher leverage
And on top of that most of the underwriting is on central government balance sheet via frankenstein constructs like fnma.
Sheesh..
I know "lucky" Vancouver couples who bought the right property at the right time and it is equivalent to winning the lottery. i.e. $600K capital gains in just 2 years.
The inequality created by having huge winners in "hot housing markets" acquiring enormous wealth vs others in flat or down housing market receiving absolutely nothing (not even mortgage interest deduction which isn't available in Canada) is insanity in my mind.