Quote:
Originally Posted by bizaro86
It's amazing how much the trailing returns affect people's perception of what the right course of action is.
Exhibit A: The Vancouver perspective. After years of going straight up, Vancouver RE is now very, very expensive. But that's meant that buying ANYTHING has been the right choice.
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I just think over the next 10 years the right choice might be opposite for the two geographies. Renting a Vancouver condo is so much cheaper than owning at this point that I don't see how the difference ever gets made up. The appreciation required to just break even would be huge.
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Maybe, or it could continue to rise again.
Everyone has to make those predictions for themselves and I have nothing against anyone who decides renting is their preference.
I can tell you that I heard the same thing from someone like you 5 years ago, and 10 years ago and 15 years ago.
There's always someone who thinks the Vancouver market has reached its peak and they've always been wrong.
Perhaps you'll be right this time though, time will tell.
Edit: should add that renting isn't that much cheaper than ownership here either (aside from the down-payment).
I closed an investment condo purchase last year (20% down) and cash flow on the rent I get from my tenant, with condo fees, mortgage and property management covered.