aGENT Posted August 17, 2015 Share Posted August 17, 2015 My concern with going with the condo in Vancouver/Burnaby route is what if in say 5 years when we're ready to have kids and upsize to house we can't sell the condo for a decent profit? The condo market on Vancouver and Burnaby is growing out of control (there's literally new developments going up everywhere). I assume this saturation will have an impact sooner or later. The second reason is if we don't purchase a house in the suburbs now, we may be priced out in 5 years. Detached houses in pretty much all of the Lower Mainland are jumping up in price on a monthly basis. It already is and will continue to do so. You likely won't sell the condo for profit (or very little). It's not just saturation, it's that their's no land in purchasing a condo. Building's aren't worth much comparatively. Land is. If you're going to go the condo route you may be better off renting and investing the difference to use as a down payment on a home later (if the often forewarned impending burst ever happens). That's likely your best plan as you'll have saved a decent chunk of money and house prices will be much more reasonable. All while continuing to enjoy your current lifestyle. Though it does rely on there being a fairly serious 'market correction'. If that never happens, you may end up like a lot of this generation who may not be able to actually own their own home in greater Vancouver. You may just perpetually rent and have to invest the difference somewhere other than your home/property. Link to comment Share on other sites More sharing options...
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