Wow! This weekend between Cambie and Broadway on 6th ave I must have seen signs for at least 15 open houses going on. A suprising number of these are ground level condos, sometimes called ‘garden suites’ or ‘basement suites’, and most starting around 350k.
Now some people might look at this and see an overheated housing market getting dangerously close to meltdown via saturation but I say tish-tosh! What we have here is an OPPOURTUNITY!
Look at it this way: The majority of people that live in basement suites are renters. Most home-owners choose not to live in the basement for whatever reason, but many many renters do. Therefore we can assume that there is GREAT DEMAND for basement suites among renters out there, but only a finite supply. See where I’m going with this?
The thing about basements is that there needs to be land to put them into, and they aren’t making anymore land! Sure they can stack condo on top of condo and get more floorspace, but they cant make more groundfloor units than the total surface of the ground that exists. Therefore groundfloor units are CLEARLY in more DEMAND than upperfloor units, particularly among renters.
And renters are going to pay our mortgage and get us rich arent they?
Some people might think that renters wont be willing to pay the $3000 per month that will make us rich off of these 600 sq foot basement suites, but you’ve got to THINK ABOUT THE FUTURE! Demand steadily increases while supply dwindles, and the one TRULY LIMITED supply is in basement suites!
BUY NOW! GET RICH LATER!