website for new apartment/townhouse in GVRD?
 

im considering investing on investing on a new apartment, instead of newspapers , are there any good websites that show newly built apartments on the market in the GVRD?

www.realtylink.org has some
if not, www.bchomez.com
and www.condorichmond.com

Is it a good time to do something like that in the GVRD? (Buy apt)

Definitely not... but that's just my opinion.

most buyers are now offshore, if that helps.

seriously, i hear is very bad time now

I think that totally depends on where you are buying and the buyer's time horizon.

Buying in the suburbs is one of the worse investments one can make now (way too many current and upcoming factors that will lead to substantial decrease in suburban home prices).

But if the OP is buying in Vancouver then it may not be too bad if he has a long time horizon. He will definitely overpay but sometimes thats the premium for (relatively) less volatility.

ok check this out:

http://www.realtylink.org/

doesnt matter where you looking, this site is v good.

buying property isnt that bad of an idea. prices are high right now yes, but in theory, it will only get higher... EVENTUALLY.

My brother recently bought a place on main street, on the edge of china town. it was fairly cheap, and that area is actually really nice, and is being rebuilt in the near future.

he is now renting the place out. the rent alone can pretty much cover all the mortgage and maintainence etc. if he can rent it out for ~20 years. he pretty much just got the place for free, paid from rent. sounds like a pretty good investment there.

Why is it such a bad time? I was able to hold down a 3.43% 5 year fixed mortgage just 2 months ago. Right now I have friends saying they cant even find any lower than 4.00%.

Is it really that bad of a time to buy? It doesnt seem like housing is getting any cheaper and the interest rates are on the rise.

market might dip down a bit, but its going to keep raising. Technically, its never a bad time to buy.

I don't think they are taking into account if interest rates jump up a few percent.

Real estate is never a bad investment.
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+1 the long term trend is always upwards, it cycles but still a very safe investment.

exactly, why wait around to see if prices will drop? If your not paying for your place, your paying your landlord anyways, which isnt even an investment. Not everybody has the luxury to live with mom and dad. If you think waiting around for the prices to drop will save you money, you're already paying rent to your landlord every month. I'd rather put that rent money towards a mortgage, than my landlords pocket.

lets say ur rent is 1000 a month, 1 year of waiting thats, 12gs, another year is 24gs down the drain. ...you gotta live somewhere anyways

i'm in the process right now of looking for a place to buy(to live in, not renting it out). can the people that think its a bad time right now throw in some more detail? i heard Canada approved tens of thousands more immigrants in the next 5 years. i'm thinking that is gonna drive prices up even more?

You'd have to calculate total costs carefully between renting and buying the same place and determine whether or not it's worth it to buy it or to save money while renting.

As for investing in real estate (eg. to rent out to tenants), I would only do it if your earning at the bare minimum 7% after all your monthly expenses.

if im reading that correctly. you're saying you'd only do it if you actually GAIN MORE MONEY from the rent than the mortgage/other bills for the place?

thats actually very unlikely. but the rent will make it extremely easy for you to pay off the place. for example, my bro needs to pay ~1600 total for mortgage+maintainences etc for that apartment. hes renting it for ~1500. which means he is only required to pay ~100 bucks a month.

if he can continue this for the entire period of the mortgage, he will end up with the apartment completely paid for by spending only ~100 a month.

as long as you're making enough money for general living expenses, that extra 100 a month is not much. keep it up for a few years, and you own that apartment. from there, so many options open up. keep renting it and make ~1000 a month profit, or move in to save yourself whatever you are currently spending for a place to live. or sell the apartment if prices go up after those years.

of course this will differ for everyone's situation. but even if you arent breaking even with the fees, buying and renting out is still a good choice in alot of cases.

thanks for the link.

I have heard right now the market is not the best, but i mean, I want to start off early, then to wait another 5 years and then having to pay even more. Im young and want to secure a investment that I can also take advantage of now and in the future...Like what others said, I rather spend more to mortgage than to rent since I know in the future I will get most of it back(cross fingers)... + i am lucky that my parents will support 40% of my mortgage payments for the next 5 years!

Im just trying to look for a small place that I can live in for maybe the next 5-8 years, and then rent it out if I have the income available to move out into a new apartment.

I just started looking at apartments around the kits area, where else should i look for that will have new apartments in maybe 4-6 months? something with 1 room 1 den, and around the 300k-420k range.

id honestly be wary of taking advice from people here. It's not very good from what I've read in the thread. Buying a primary residance if you can afford it is always a good idea, although ask many people who bought when the markets have crashed.

Tell that to all the bag holders in the U.S. who have negative equity on their house. It was only 2 year ago that we had the worst recession caused by housing. Have we learned anything from the recession?

Higher interest rate and Canadian dollar is not good for our export economy and the housing market. Combine that with housing affordability at an all-time low, I don't get how you bulls can be so optimistic. Some of you probably get fed too much bullshit from the bankers telling you: 1) never time the market 2) a house is very good investment because it's a real asset. Well a house to me is just another financial asset like stock. Same shit - it can go up and it can certainly go down as well.

My co-worker is a real estate economist. He spends half his day running numbers in Excel. He keeps telling me that the market is going to drop soon and right now would be a really bad time to buy a place (depending on location obviously), but he's been saying that for over a year now and the market still hasn't dropped yet.

Many housing "experts" are saying that Metro Vancouver housing prices will rise this year... so who do you believe.

Just have to take the risk and hope you bought in at the right time.

730k property last year has gone up to 790k this year

which means... more property fuking tax to pay this year

souce : relative , coquitlam