Quote:
Originally Posted by blankall
In other cities the price rises have worked their way down from detected houses to condos. As people get priced out of detached they go to attached then to smaller and smaller condos.
Calgary has a lot more land but can't get anything built right now. The X factor is what happens when construction finally catches up....I have no idea. Intuitively it seems like condos would be a good idea, but lots of horror stories here too. If you have cash and want to avoid inflation, might not be a bad idea, assuming condos do increase with inflation. Even in Vancouver is taken a while for condos to heat up, as that's just happening now.
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Huh? If anything, Calgary has an oversupply of condos right now with more towers expecting completion soon. Old condos get screwed by new condos because new and lower condo fees.
Some people hurting in the range of 15-30% on condos and townhouses isn't uncommon. I wonder if they 10% down and paid minimum, but I know some people who can't pay off their mortgage and realtor if they sold their condo now. So they just keep it as a rental and hope to break even on a mortgage payout in a few years. I'm going to be really happy if I can keep my losses less than 10% this summer.