My bet is 90% of owners, if not more, will say, yes but if I sell high I have to buy high. Few have the stones to cash out, rent, and try to time a crash. Those who have tried are littered on the side of the road in chopped-up pieces.
For many, no matter the price, only their children will see the money, and guess what they will use it for.
From my point of view, the only advantage in dramatically rising prices is if you cash out to move to a different (cheaper) market or if you hold multiple properties and cash out just part of your RE holdings and grab at least some of the crazy gains while they are still available.
The sad part of insane price rises is the reality that most folks are being locked out of moving upmarket as the price gap widens. Also, their kids are being locked out of the neighbourhoods and types of housing they grew up in.
Example: Parents have a $50K deposit, take out a $450K mortgage and buy a house for $500K. Over the next decade the value skyrockets to $1.5 million and the remaining mortgage is now about $300K. The parents die and leave the property to their three children who sell it and divide the approximately $1.2 million equity. They each have $400K deposit but if they want to buy the same type of house as their parents they will each need a mortgage of $1.1 million. Ouch!
The kids futures are ruined, they have to move to Saskatchewan if they want a nice house, and they don't live happily ever after, but their parents did get to gloat about their equity for a while.
Another sad possibility is that the parents feel "wealthy" because of their paper gains, so they take out a big HELOC to buy a new car, a boat and a few fancy vacations. Why not when money is so cheap? Unfortunately, interest rates take off, property prices plunge. the bank calls the HELOC and the parents are underwater on their mortgage. Sorry kids, bankrupt parents means no inheritance.
I would be much happier if prices (over the long term) tracked at or near inflation, as they always
have in the past. It seems likely that those historic norms will eventually return, but gambling on exactly when is a mugs game.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.