I can certainly see how anyone who purchased a condo 6 or 7 years ago, when the price of WTI dropped significantly, is disenchanted with condos, especially if there has been significant assessments along the way. However, for anyone who has lived in Calgary for a long time, they should know that when the oil industry and jobs are suffering, real estate tends to drop in value. It has been happening on a cyclic basis over the past 60 years.
However, with the recent rise in the price of WTI and rejuvenation of the oil industry, the real estate prices are rising along with it. Of course it has started with detached homes, and I believe it is only a matter of time before it happens to condos.
Are there risks in owning a condo? Sure...but there is risk in everything. I think if one does their due diligence, and decides that the risks are relatively low, they can live a heck a lot cheaper than if purchasing a house, and may even end up with a sizeable capital gain at the end of it.
just my opinion
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