Quote:
Originally Posted by CivicBlues
I live in a condo in Coal Harbour. My Price to rent ratio is 29.76.
Price-to-Rent Ratio Definition | Investopedia
My Landlord is practically paying me to live there. I reinvest the difference in Index funds and ETFs. Sure I didn't get 30% yoy but I'm not losing sleep either.
So trade my "greedy landlord" for a "greedy market" which is likely at it's peak?
Stop trying to tell people what to do, just live your life and don't try to time the market. If you need a house, buy one. If you don't wait a bit.
Oh, regarding buyers on the sidelines - don't try to catch a falling knife.
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Heh, so not too long after posting this my landlord approached me about buying her place since she needs the cash (and I'm guessing is spooked by the 15% tax). This would be a private sale without realtor BS, or having to put it to the market and deal with bidding wars.
I'm seriously considering this as if the price is what I think it'll be, the carrying costs (mtg payment + condo fees +taxes) won't be much more than my current rent since I'm also sitting on a pile of cash (liquid investments) and it'll definitely be less than what I would find with a new rental for a comparable place. I'm thinking equity markets are peaking soon as well.
Worst case scenario, I lose some equity in a market correction, but I can rent it out again for $2000/mo probably. But then I'd need somewhere else to live.
What d'yall think?