Comments on: CMHC predicts 2010 rebound and building boom

By: mukesh

mukesh — Wed, 30 Dec 2009 13:22:04 +0000

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By: space889

space889 — Fri, 06 Nov 2009 18:14:53 +0000

@No Longer Looking: Hi, I know it's a myth and I constantly tell my wife and friends who are thinking about buying a condo. So that was meant to be tongue in cheek. However many people I know do think that way, especially from mainland China as apparently the condo there (or the equivalent of) don't actually have as many enforceable rules as here. As my wife puts it, in China if you don't like how your neighbor lives? Move because it's your problem! I find that there is a serious lack of education about condo living and what your obligations are and what happens if things go wrong. It's really unfortunate.

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By: logic

logic — Fri, 06 Nov 2009 00:57:12 +0000

Err, did that math. Worth very little to me. Worth more was: [1] not having to worry about potential negative equity [2] being free to relocate if i wish [3] Being able to stick my stuff in storage and go travelling for 6 months whenever I feel like it. etc.

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By: rainyday5000

rainyday5000 — Thu, 05 Nov 2009 21:32:44 +0000

Cashisking, isn't your wife a realtor? Considering your bearish outlook, it must make for some interesting dinner table conversation. I agree that there are good realtors worth their fees, but they sure are hard to find.

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By: Boombust

Boombust — Thu, 05 Nov 2009 19:55:32 +0000

Boombust, (comment 84) "Would it be possible for you to post some or all of your letter? Maybe too if it is publicly posted that will help get a reply. Interesting that you haven’t received one yet … it’s been a couple of weeks, right?" Sorry chum. Didn't keep it.

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By: ave

ave — Thu, 05 Nov 2009 19:54:09 +0000

...then ask yourself what value you would place on not being able to be evicted for "landlord renovations", and being able to upgrade the place as you see fit. Then subtract what you think the value is for being able to bail on it with a month's notice. Then add a premium for not having to read this blog and obsess over housing for the rest of your life.

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By: oneangryslav2

oneangryslav2 — Thu, 05 Nov 2009 19:36:58 +0000

@logic: Exactly. Everyone should do themselves a favour and complete the following activity. Look up at a typical East Vancouver bungalow on the MLS. Then, go to your favourite mortgage calculator and calculate how much your monthly mortage will be at various interest rates. Then, go onto the Craigslist rentals section and look for houses/apartments/condos that are renting for the various mortgage paymenst you calculatd in the prior step. Now, for your homework question, ask yourself, "is the quality of shelter that I would get by renting better/worse/about the same as that East Van bungalow." I think most of us know the answer to that question.

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By: logic

logic — Thu, 05 Nov 2009 19:10:42 +0000

"If the rates goes up in 5 years and I can’t afford it then I will sell and at worst break-even." --------- If rates go up, people can afford to borrow less. So they will have less to spend on a property. Hence you will get lower offers than they would have made if rates were low. So, do that math on that one.

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By: logic

logic — Thu, 05 Nov 2009 19:06:57 +0000

"Plus it will be newer than the 30 years old rental apartment I’m in right now. A" --------------------- Err, with the number of new condos (granite a SS appliances and all) on offer at the moment, odds are your "rented" place will be newer than their "owned" place.

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By: No Longer Looking

No Longer Looking — Thu, 05 Nov 2009 17:58:41 +0000

@space889: "Also renting you have to obey other people’s rules but not owning!" That's another myth. You're always answering to someone. Whether its the condo board, the municipality, the taxman etc.

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