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^ If you'd read any of the previous messages, I don't personally have much optimism that 1bd condos are going to continue to go up enough to matter for the next 10 years. Between AirBNB getting nuked, the number of new towers being built (in my area anyway) and prices being what they are relative to affordability and income, I think the condo market is going to stay pretty flat compared to detached. Just my personal opinion, you don't have to agree. |
In that example, you can't apply 100% of rent towards your mortgage, strata and property taxes because you didn't account for the decrease in net amount due to the income tax on the rent you collected. |
^ this has been my view too. There's only so much money you can generate based on the size. Like two people can reasonably afford $x rent a month based on market conditions. They're not gonna pay you $4000 a month in rent for a one bed. Unless you stuff 8 buddy guys in one unit. It's not like we have a industry where all of a sudden everyone is balling. Like tech or finance, even dt units have taken a hit, and I don't think it's recovered since the pandemic. We just don't have the income to support the price increase. I also don't see rent dropping but since it's capped by the gov unless you evict you can't get market price. |
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That'd be sick, we double one more time and everyone we know will join the $3 - 10M+ net worth club. Inb4 we complain NSXs cost $300K. For real though, when 1BR hit $1M in Canada, I'm pretty sure we'll see a civil revolution / riots. There's no hope for the working class at that point. |
If a 1 bedroom is 1.3 million, you've gotta pay 2 to upgrade to a 2 bedroom on probably 100k salary. Great for the downsizers. Maybe gen x will fulfill the role of the new boomers and fuck shit up even more. |
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I find it crazy cause there's RSers on here that are clearing $200-250K+ CAD/USD and they can't afford a $1.3M place, let alone a $2M place, so if they aren't buying it, who's buying the $2M 2BR in 2034. |
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1BR's are already $1M+ depending on which part of town |
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Mine didn't double in 13 years... for transparency sake I bought it for $365,000 in early 2011... now it's $630,000... so it came close? I think in 2012 it dropped to about $340,000 as there was a small dip, but that's about it. It didn't quite double in the craziest 10 year period of real estate ever... I can't see how it would double again in another 10 years. Could be wrong, but I wouldn't bet on it personally. |
It won’t, especially if there’s new development around, that’s why we ended up selling our old apartment instead of keeping and renting out. City of Lougheed was just opening and they were selling brand new 2br for like 35% more than our unit built in 86. Ours was 3-400sq fr larger, but I did not see any scenario where it would compete with the vast amounts of new builds going up. Growth will almost certainly be slowed and substantially so if you have new developments surrounding your building imo |
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I also have family there and could work from there without quitting my job so there are things that make it appealing to me. I'm originally from the prairies but the winters are not something I'd look forward to because I hate snow. |
This, as I'm getting older, I don't want to raise a family or can I afford to live the lifestyle I want here. A single detached with land and garage for toys. Even Surrey Langley is easily $1.5+ for anything that doesn't need massive renos. But then I would max borrow and have like $8000 payments which to me sounds real stressful. Even if condo here for $600 goes to $900 in 10 years, houses will be like what $4m then? I can't chase that. Why not buy detached for $600 in Calgary, I can rent that out for a few years, then move there, at that point you can either cash out here or rent it out. Should be more than enough to cover housing cost in Calgary. I won't have a massive $8000 mtg, I can divert that money into stonks, toys, travel. Vs work your ass off here just to pay for mtg. You can even take a pay cut, work less cuz you have the rental income to supplement. Which you can't get unless you have a detached here with basement. :okay: Quote:
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Not everyone needs a detached house for a happiness metric though. If you do, that's totally cool, but I'm happy in a condo with a couple parking spaces and a 20 minute drive to the lifts and a 5 minute walk to the ocean. That said, if I can't afford to do that then it doesn't work either. There's no formula. No one needs to convince you it's worth it and you don't need to convince anyone it isn't. Neither of you are wrong. |
Everyone wants full control over their property though and you can only truly achieve that with land and a detached house on it. Apartments are not an issue per se, but living with a condo/strata corporation sucks. No one wants to pay for maintenance, people treat the common property like garbage (literally), the strata has to insure itself to the hilt because people do stupid things. I've lived in strata corporations for most of my life and I've been on the board. It just sucks. |
I really don't have any issues with it. I've never been to a strata meeting. I've never had a message from my strata telling me to do something. I've never had issues other than people being morons related to garbage disposal, but that's no different than the dipfuck a couple houses down that puts his garbage on the front lawn with a "free" sign. I'll take the vacations, the food I want to eat, the car I want to drive and the shared wall over none of the above. If I could afford to have all that and my own walls, hat would obviously be better, but I can't, and no one else can here unless their parents do it for them anymore, or they are the marque of success, so make your choices. |
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I know some home owners who don’t even have the capacity to phone a plumber. |
Strata is a bitch, can't charge your car, ppl unplug it, can't leak oil, no where to work on it, no where to store wheels, people door ding your car, car gets broken into. Strata fees/ insurance that goes up 10% a year with no added service. |
I can't complain too much about strata living, but it can go to shit in a real hurry if you get anyone above you that sucks or even next to you... or if the council gets taken over by fucknuts... I've seen some crazy crazy stuff go down in Richmond with that kind of stuff. I'm just sick of people running laundry machines at 3am or chopping food incessantly and not being able to work on my car... so I'm done with it. Been like 20 years of condo life, time to move on lol |
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You're doing them a service by not looking for a job that will pay more if they don't... |
A friend of mine lives in Winnipeg and I asked her how it's like living there. She said the common theme is the crappy winter weather, but she said you get used to it. The big thing is she isn't stressed about housing for herself or her kids. They take multiple vacations a year and have a detached house. That's pretty fair, if I grew up in Winnipeg and all my friends and family were there, I wouldn't want to move. I would be content living there and I could live really well and so would my kids. |
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