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01-25-2024, 01:08 PM
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#29751 | | To me, there is the Internet and there is RS
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Originally Posted by 68style  Even for myself, my mortgage is now paid off and my condo is worth about $630,000 at the moment... I'm looking at buying a new place and was thinking to keep my condo... but there is no scenario I can think of where it's worthwhile to keep my condo and rent it out, rent is $2,500 a month in my building but strata fee is $390, property tax is $120-ish, insurance for a renter I don't even know what that costs, and the building is now 13 years old... for sure appliances are going to start to fail (my fridge died once, but I fixed it myself) and I was given a heads up by a friend on strata that there's a special levy coming this spring for anywhere from $5,000-$10,000 per unit to re-seal concrete exterior surfaces......... combine that with questionable drainage and being a first floor unit? Why would I keep the place for all the possible liability risks and future costs to take in a measly $1,500 net a month when I could just sell it and invest $600,000 cash somewhere lol | What's that condo going to worth 10 years from now?
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01-25-2024, 01:21 PM
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#29752 | | Performance Moderator
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^ If you'd read any of the previous messages, I don't personally have much optimism that 1bd condos are going to continue to go up enough to matter for the next 10 years.
Between AirBNB getting nuked, the number of new towers being built (in my area anyway) and prices being what they are relative to affordability and income, I think the condo market is going to stay pretty flat compared to detached.
Just my personal opinion, you don't have to agree.
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01-25-2024, 01:30 PM
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#29753 | | I contribute to threads in the offtopic forum
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In that example, you can't apply 100% of rent towards your mortgage, strata and property taxes because you didn't account for the decrease in net amount due to the income tax on the rent you collected.
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01-25-2024, 01:34 PM
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#29754 | | RS has made me the bitter person i am today!
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^ this has been my view too. There's only so much money you can generate based on the size. Like two people can reasonably afford $x rent a month based on market conditions. They're not gonna pay you $4000 a month in rent for a one bed. Unless you stuff 8 buddy guys in one unit. It's not like we have a industry where all of a sudden everyone is balling. Like tech or finance, even dt units have taken a hit, and I don't think it's recovered since the pandemic. We just don't have the income to support the price increase. I also don't see rent dropping but since it's capped by the gov unless you evict you can't get market price.
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01-25-2024, 02:01 PM
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#29755 | | RS has made me the bitter person i am today!
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Originally Posted by Manic! What's that condo going to worth 10 years from now? | Of course, 2x the price! $630 - > $1.3M Let's GOOOOOOOOOOOOOO.
That'd be sick, we double one more time and everyone we know will join the $3 - 10M+ net worth club.
Inb4 we complain NSXs cost $300K.
For real though, when 1BR hit $1M in Canada, I'm pretty sure we'll see a civil revolution / riots. There's no hope for the working class at that point.
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01-25-2024, 02:50 PM
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#29756 | | Willing to sell a family member for a few minutes on RS
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If a 1 bedroom is 1.3 million, you've gotta pay 2 to upgrade to a 2 bedroom on probably 100k salary. Great for the downsizers. Maybe gen x will fulfill the role of the new boomers and fuck shit up even more.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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01-25-2024, 02:58 PM
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#29757 | | RS has made me the bitter person i am today!
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Originally Posted by westopher If a 1 bedroom is 1.3 million, you've gotta pay 2 to upgrade to a 2 bedroom on probably 100k salary. Great for the downsizers. Maybe gen x will fulfill the role of the new boomers and fuck shit up even more. | If a 2BR is $2M and you can still buy one, that's a you issue. I'm collecting my $6-11K/month rent!
I find it crazy cause there's RSers on here that are clearing $200-250K+ CAD/USD and they can't afford a $1.3M place, let alone a $2M place, so if they aren't buying it, who's buying the $2M 2BR in 2034.
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01-25-2024, 03:02 PM
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#29758 | | To me, there is the Internet and there is RS
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Originally Posted by JDMDreams ^^ is Calgary still worth thinking of? You can buy brand new houses for $600000.  and rents are like $3500. You can't get that with a $600k unit in Van. Eventually rent out everything here to take advantage of the rents + lower mainland appreciation and move there down the road to retire? Big house, big yard, big women? | You want to retire from Vancouver to Calgary? Isn't that kinda backwards?
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
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Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
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Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | | |
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01-25-2024, 03:33 PM
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#29759 | | It's like going crazy when you're already nuts
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1BR's are already $1M+ depending on which part of town
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01-25-2024, 03:50 PM
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#29760 | | RS Veteran
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Originally Posted by underscore You want to retire from Vancouver to Calgary? Isn't that kinda backwards? | hahaha I can see the logic here but depending on lifestyle/priorities, Calgary can work for the right person. Even when I come visit my family in Vancouver, it feels stuffy, whereas Calgary is still pretty laid back based on my personal experience last summer. And this is me having lived in Toronto for the past 6/7 years!
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Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | |
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01-25-2024, 04:10 PM
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#29761 | | Willing to sell a family member for a few minutes on RS
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Originally Posted by jing 1BR's are already $1M+ depending on which part of town | Maybe one with a butler and 2 bathrooms and a car elevator, but of course we aren't talking about some luxury ridiculous place. Even those ones at horseshoe bay that come with a yacht share aren't that much.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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01-25-2024, 04:25 PM
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#29762 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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Mine didn't double in 13 years... for transparency sake I bought it for $365,000 in early 2011... now it's $630,000... so it came close? I think in 2012 it dropped to about $340,000 as there was a small dip, but that's about it.
It didn't quite double in the craziest 10 year period of real estate ever... I can't see how it would double again in another 10 years. Could be wrong, but I wouldn't bet on it personally.
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01-25-2024, 04:34 PM
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#29763 | | I have named my kids VIC and VLS
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It won’t, especially if there’s new development around, that’s why we ended up selling our old apartment instead of keeping and renting out.
City of Lougheed was just opening and they were selling brand new 2br for like 35% more than our unit built in 86. Ours was 3-400sq fr larger, but I did not see any scenario where it would compete with the vast amounts of new builds going up.
Growth will almost certainly be slowed and substantially so if you have new developments surrounding your building imo
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01-25-2024, 04:36 PM
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#29764 | | nuggets mod
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Originally Posted by PeanutButter Never mind.. It's a horrible deal.
So I took the $80,000 down payment
and then added $527 per month (which is the negative cash flow I would be putting in) put it into a compound interest calculator
@5% interest compounded over 25 years = $592,336
@6% interest compounded over 25 years = $722,405
@7% interest compounded over 25 years = $884,941
@8% interest compounded over 25 years = $1,088,404
@9% interest compounded over 25 years = $1,343,504
@10% interest compounded over 25 years = $1,663,796 (Average S&P 500 return) | The fair comparison would be to ask what that 400k condo is worth in 25 years.. I'm not saying it's a good investment, but its not 400k vs 1.6M
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01-25-2024, 05:17 PM
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#29765 | | Willing to sell body for a few minutes on RS
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Originally Posted by underscore You want to retire from Vancouver to Calgary? Isn't that kinda backwards? | I don't think so, I've been tossing the idea around the last 2 years. If I can move to Calgary and be mortgage free with a similar sized home and a bunch of money left over to put towards retirement it doesn't seem that backwards as opposed to staying here and downsizing to a condo to achieve the same.
I also have family there and could work from there without quitting my job so there are things that make it appealing to me. I'm originally from the prairies but the winters are not something I'd look forward to because I hate snow.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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01-25-2024, 06:29 PM
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#29766 | | RS has made me the bitter person i am today!
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This, as I'm getting older, I don't want to raise a family or can I afford to live the lifestyle I want here. A single detached with land and garage for toys. Even Surrey Langley is easily $1.5+ for anything that doesn't need massive renos. But then I would max borrow and have like $8000 payments which to me sounds real stressful.
Even if condo here for $600 goes to $900 in 10 years, houses will be like what $4m then? I can't chase that.
Why not buy detached for $600 in Calgary, I can rent that out for a few years, then move there, at that point you can either cash out here or rent it out. Should be more than enough to cover housing cost in Calgary.
I won't have a massive $8000 mtg, I can divert that money into stonks, toys, travel. Vs work your ass off here just to pay for mtg. You can even take a pay cut, work less cuz you have the rental income to supplement. Which you can't get unless you have a detached here with basement.  Quote:
Originally Posted by quasi I don't think so, I've been tossing the idea around the last 2 years. If I can move to Calgary and be mortgage free with a similar sized home and a bunch of money left over to put towards retirement it doesn't seem that backwards as opposed to staying here and downsizing to a condo to achieve the same.
I also have family there and could work from there without quitting my job so there are things that make it appealing to me. I'm originally from the prairies but the winters are not something I'd look forward to because I hate snow. | | |
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01-25-2024, 06:43 PM
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#29767 | | Willing to sell a family member for a few minutes on RS
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Not everyone needs a detached house for a happiness metric though. If you do, that's totally cool, but I'm happy in a condo with a couple parking spaces and a 20 minute drive to the lifts and a 5 minute walk to the ocean.
That said, if I can't afford to do that then it doesn't work either. There's no formula. No one needs to convince you it's worth it and you don't need to convince anyone it isn't. Neither of you are wrong.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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01-25-2024, 07:31 PM
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#29768 | | OMGWTFBBQ is a common word I say everyday
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Everyone wants full control over their property though and you can only truly achieve that with land and a detached house on it.
Apartments are not an issue per se, but living with a condo/strata corporation sucks. No one wants to pay for maintenance, people treat the common property like garbage (literally), the strata has to insure itself to the hilt because people do stupid things.
I've lived in strata corporations for most of my life and I've been on the board. It just sucks.
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01-25-2024, 07:37 PM
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#29769 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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I really don't have any issues with it. I've never been to a strata meeting. I've never had a message from my strata telling me to do something. I've never had issues other than people being morons related to garbage disposal, but that's no different than the dipfuck a couple houses down that puts his garbage on the front lawn with a "free" sign.
I'll take the vacations, the food I want to eat, the car I want to drive and the shared wall over none of the above.
If I could afford to have all that and my own walls, hat would obviously be better, but I can't, and no one else can here unless their parents do it for them anymore, or they are the marque of success, so make your choices.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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01-25-2024, 08:03 PM
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#29770 | | I have named my kids VIC and VLS
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Originally Posted by Tapioca Everyone wants full control over their property though and you can only truly achieve that with land and a detached house on it.
Apartments are not an issue per se, but living with a condo/strata corporation sucks. No one wants to pay for maintenance, people treat the common property like garbage (literally), the strata has to insure itself to the hilt because people do stupid things.
I've lived in strata corporations for most of my life and I've been on the board. It just sucks. | I still think given all those things, for most people it’s better/easier option
I know some home owners who don’t even have the capacity to phone a plumber.
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Dank memes cant melt steel beams
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01-25-2024, 08:50 PM
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#29771 | | RS has made me the bitter person i am today!
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Strata is a bitch, can't charge your car, ppl unplug it, can't leak oil, no where to work on it, no where to store wheels, people door ding your car, car gets broken into. Strata fees/ insurance that goes up 10% a year with no added service.
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01-25-2024, 09:09 PM
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#29772 | | Performance Moderator
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I can't complain too much about strata living, but it can go to shit in a real hurry if you get anyone above you that sucks or even next to you... or if the council gets taken over by fucknuts... I've seen some crazy crazy stuff go down in Richmond with that kind of stuff.
I'm just sick of people running laundry machines at 3am or chopping food incessantly and not being able to work on my car... so I'm done with it. Been like 20 years of condo life, time to move on lol
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01-25-2024, 09:13 PM
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#29773 | | in the butt
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Originally Posted by JDMDreams Strata fees/ insurance that goes up 10% a year with no added service. | When you get a pay increase at work, do you give any added service? 
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Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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01-25-2024, 09:17 PM
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#29774 | | Willing to sell body for a few minutes on RS
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You're doing them a service by not looking for a job that will pay more if they don't...
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01-25-2024, 09:50 PM
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#29775 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
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A friend of mine lives in Winnipeg and I asked her how it's like living there. She said the common theme is the crappy winter weather, but she said you get used to it. The big thing is she isn't stressed about housing for herself or her kids. They take multiple vacations a year and have a detached house.
That's pretty fair, if I grew up in Winnipeg and all my friends and family were there, I wouldn't want to move. I would be content living there and I could live really well and so would my kids.
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