Quote:
Originally Posted by donk.
House prices may be falling, but entry level condos and townhouses have gone absolutely mad in the past few months.
I have been looking for the past 2 years - Tri cities area / pitt meadows
two years ago you could get a townhouse in tri city for 280-340k, 240-300 in pitt
last year they went up to 330-400k in tri city, 280-340k in pitt
and in the past few months... my god.... nothing under 700k in pomo, 500k in coq/poco, 400k in pitt
and im talking entry level townhouses here.
saving up an extra 30k over a year to "get a better downpayment" did me absolutely nothing.
/rant
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That's because no one can afford a house unless you have parents help, upgrading form a townhome/apartment to a house or foreign money.
So all the 1st home buyers are getting into the townhome/apartment craze. I am so shock the pre sale apartment I purchase at 298k went up to close to 400k in a few years. I think back now if it was at 400k I will never be able to afford it or even consider buying it in the first place.
Also have you notice now they use the term townhome instead of tonwhouse. I think is because these days townhome are a lot smaller than before so they call it townhome instead. Also back then tonwhouse you still have a small yard to yourself now you will be lucky if you get a balcony.