Quote:
Originally Posted by OMG!WTF!
I think you can get basic stats just about anywhere...
https://www03.cmhc-schl.gc.ca/hmip-p...hyName=Calgary
I'm not sure very many people are enjoying their condo ownership right now though. Condo fees are scary. The risk of huge special assessments is terrifying. Property taxes are due for a major increase. And condos are not going up in value at all and haven't for a really long time.
You'll have a month of vacancy once and a while but it won't amount to much. You'll probably have decent tenants who move every now and then leaving you with a few re rental costs here and there. But it won't be a big deal. I think your major risk is that which is beyond your control.
A friend bought a new condo in Bridgeland in 2006 for 225k. I don't think he had a day of vacancy the entire time. But he did get a 35k special assessment and several fee increases that turned his rental income into a small loss. He just sold it for 240k. Minus commissions and expenses he was almost 40k in capital short. But his mortgage was 60k lower. So it's pretty much a giant 13 year wash. Not worth the risk by any metric.
If you do buy, stop focusing on rental stats. Focus on the price you buy it for. That's all that's going to matter down the road. If you get a good deal on the buy it can mitigate some pain later on. |
I would argue that they are both important. I have a rental condo (that I used to live in) and there is going to be a lot of new rental competition on the market in the next few years, something to keep in mind.
There's also special assessment insurance on Condo Insurance nowadays which could mitigate some of your friends losses in that example.