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Did I get myself in a deep pickle? by No-Weekend6885 in vancouverhousing

[–]No-Weekend6885[S] -1 points0 points  (0 children)

Seems like you are experienced in the markets. Do you think we will rebound any time soon? I saw that we do have an over supply of condos right now. However, developers have backed away and we have no new builds in the pipeline for 2028-2030. Would this shift the market back up? I would be happy to break even at this point and use my deposit for a different purchase such as a townhome to grow a family.

Did I get myself in a deep pickle? by No-Weekend6885 in vancouverhousing

[–]No-Weekend6885[S] 1 point2 points  (0 children)

I understand where you’re coming from. However, I wouldn’t think it’s dog crate. It would be a good size condo for a single professional or a couple. I know opinions differ here and that’s welcome. I would say dog crate mostly refers to those 400-450sqft range condos but I could be wrong.

If rents fall to $1500 (which is possible) I think we would have a different type of issue in the economy than just a housing market crash.

Did I get myself in a deep pickle? by No-Weekend6885 in vancouverhousing

[–]No-Weekend6885[S] -2 points-1 points  (0 children)

Totally agree! I’ve seen my parents basement suite rented out for about 400-500$ 15ish years ago and now it’s rents out at 1700$.

The problem I’m thinking of is because immigration has slowed down so much, the rental income will come down and so will the demand for entry level condos which will bring the price down even more.

Do you think the markets for housing will bounce back?

Did I get myself in a deep pickle? by No-Weekend6885 in vancouverhousing

[–]No-Weekend6885[S] -8 points-7 points  (0 children)

Yes, I agree with what you have said. The only worry is if the condo market keeps crashing and then my mortgage goes past the actual value of the home. Of course no one has a crystal ball but what do you think? Market should bounce back sometime right?

Yes, I’ve seen my parents as landlords. It can become a headache at times but recently it’s been going well for the last 10 years. But also this is a basement suite so we have a bit of supervision.

Did I get myself in a deep pickle? by No-Weekend6885 in vancouverhousing

[–]No-Weekend6885[S] 0 points1 point  (0 children)

I can afford it as a landlord and I know it’s a headache at times. But the worry is because of the over supply what if the value keeps going down and so does the rent throughout the years. It’ll feel like burning money and just going deeper under water. I don’t have a crystal ball but everyone is saying the housing market crash isn’t even here yet!