Quote:
Originally Posted by Liquid_o2
The difference isn't huge between the presale and a condo that is 5 to 10 years old. It is a similar price range for New West. You are correct, that once you add in GST and a potentially higher interest rate, it makes it more expensive than purchasing an older home. Problem is, with such low inventory, we haven't found much that we like over the past 4 months, and what we do like is snapped up for ridiculous amounts.
I suppose from my viewpoint, is it better to slightly overpay for a presale (due to GST) and get exactly the floorplan, location, and finishings that we want? Or just wait and see if further inventory comes down the line this summer/fall? It's a hard decision and nobody has a crystal ball.
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There's going to be more new supply coming onto the market in the next 2 years. When that supply comes online that may provide relief on the demand for older units. However, you are foregoing 2 years of equity in a rock-bottom interest rate environment.
I don't think inventory will increase significantly over the next 12 months. If you don't have to move over the next 2 years, then get that presale unit and start adjusting your lifestyle now so you are prepared to pay a higher interest rate and higher strata fees (they always go up in the first 2 years as strata councils figure out how to maintain the property). At the end of the day, buy a home you will be happy in.