Quote:
Originally Posted by BurnoutBinLaden
Just so we're clear, buying a condo as an investment is not a good idea in this economic climate, no? Strata corp might ban renting out, or the unit might have a shit load of amenities/appliances which means increased strata fees.
Even buying one to live in might not be a great idea, depending on strata fees and a similar rent price.
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I worked for a guy that owned a bunch of them in downtown. He sold them all off in 2008 and 2009.
Probably the single best move he made. As far as I last knew, they were stuck on one in the million+ range that they couldn't shift and were basically stuck living in it.
Run the numbers...the amount you have to put down to make the math work isn't feasible with a stagnant growth rate.
I was looking at dumps in New West that I could renovate and rent and the math STILL didn't work, and that was for unwanted shit holes using my own free labour.