Quote:
Originally Posted by Tapioca
Well who buys a detached house if they're on their own as a starter home in Metro Vancouver?
People who are buying houses in this market already have equity from other properties.
It wasn't that long ago that condos at Woodwards were 250K. Considering the going rate for any condo downtown is 1000 per square foot, you would have had considerable appreciation on your shoebox 1 bedroom over the last decade.
Husband and wife both had 1 bedroom condos downtown before getting married. They sell and combine their equity to buy a Vancouver special with a basement suite on the East Side. It's a pretty common scenario in Vancouver. It's the leverage that is scary; not whether or not it's beyond the realm of possibility.
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thats the normal yes but dont rule out ppl buying house homes in this market as their starter
a few homes i've been looking at just recently sold in Van/BBY....and one was a little narrow house that sold a day after open house @ list price and well above assessed value...