More than 2,000 condos sitting empty in Metro Vancouver amid housing crisis - BC | Globalnews.ca
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I think a lot of them also have HOAs, too. At least in the USA, dunno about CA.
And at least with a house mortgage you usually get a lawn...
you usually get a lawn…
Fish don't need bicycles, and we don't need to hoard greenspace when it can be consolidated very well into something useful by so many more people.
At larger scale, consolidating greenspace surrounding clusters of effective dense mixed-use residential cuts land-use tremendously, re-wilds a lot of other space or returns it to agriculture, and achieves the density required for better transit and savings on infrastructure costs. The housing has to be effective, and I think the new "mixed-use consolidated over a transit stop" configuration is a definite winner ... as long as it's not wood (aka Fire's Favourite Food).
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It's fun when people allude to having knowledge they don't display or share. Makes them look like they're feeling smugly superior while also contributing absolutely nothing to anyone.
It's the daddy's money of social media.
There’s a certain threshold at which I won’t bother. Saying that renting is loosing money instead of equity building is the real estate equivalent of being a flat earther.
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Housing crisis? There ain't no stinkn' housing crisis.
There is, however, an 'overabundance of stupid' crisis.
Carney was actually just asked about the housing crisis, here it is at 20:30 into the video:
https://m.youtube.com/watch?v=q_C9a5BWiTE&pp=ygUQY2FybmV5IHF1ZXN0aW9ucw%3D%3D&start=1227
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Yes I did math, our mortgage at 2% interest is $1700, to rent this condo from a landlord would be $3500. In 5 years the property value has gone up $200K. So our equity is now close to $300k after 5 years. I could sell this year and have 300k cash. What would you have at 3500 a month to a landlord?
I'll have to trust you that you live in a place with bizarre market dynamics where mortgage is cheaper than rent for the same unit, or maybe you're the king of real estate deals or got lucky with a panic seller. Even in that situation, there's a whole lot of numbers missing from that calculation. Property taxes, maintenance, opportunity cost of investing the downpayment, insurance, whether your investments would be taxable or tax sheltered, expected RE growth, a time horizon of 20 to 60 years etc. You will be better off using a proper calculator made by a CFP.
