Quote:
Originally Posted by Mass_nerder
I tried to sell a condo that I've had for 12 years, in August.
I ended up dropping the price about $25,000 from where I started, to the point that I would have come out with $0 after paying mortgage penalty/closing costs. I eventually just took it off the market completely. My realtor basically told me I would have had to drop another $10-15,000. Basically I would have been selling for $90,000 less than I bought.
Instead, I'm paying $600/month for someone else to live there. **** Calgary's real estate market.
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I'm in that exact same situation, though I'm only losing $300/mo renting it out. The only bright spot is right now I'm seeing similar units in our building being listed for $240k'ish, compared to when I tried to sell at $219k last year. I'm hoping all the talk yet another bubble is more horse#### and things continue to go up, so next year I can sell and get at least a little something out of the place
I really wish I didn't listen to all of my family members who stressed and stressed that I should buy instead of rent, condos are such a terrible investment. I will make sure that my daughters do not make that same mistake