Quote:
Originally Posted by Winsor_Pilates
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.
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It is interesting that so many people think it can't go up forever...and they're kinda right as there is a lending limit for two salaries, but they don't envision the scenario where wages cap the total spend but developers come in and start cutting properties up into "right sized" blocks, be it infills or condos. All of a sudden there is inventory that can rise in price again to what two salaries can cover.
Can't afford a 6000sqft lot...well subdivide it and put two houses on it. Houses cost ~$400k, and the $1.2m property is now two 3000sqft properties valued at $1m with room to run. If its a younger area, put townhouses or condos on that property and get the units into the $650k - $800k range.