Quote:
Originally Posted by LotusLand
Personally I think you can have a good mix of low, mid and high rises and single detached homes etc, which now cost more than $1 million on average apparently http://vancitybuzz.blogspot.com/2010...r-housing.html
Many forms of housing can coexist. Would I like to see more towers? definitely especially around major transit nodes. Something like Collingwood/Joyce but with highrises and public amenities.
As for me, I don't plan on leaving Vancouver and am more than happy living in a condo the rest of my life a decent one for $700,000 can be bought for a family of 3 or 4 and a few pets.
Enough of my rambling. Good discussion here.
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Or you could rent this 3-BD 2.5-bath house for $1800/month.
http://vancouver.en.craigslist.ca/va...680856216.html
This house comes WITH a front and back yard--for your pets--but WITHOUT any of the following:
1) Property taxes, (.72% of property value)/12=.72%*700,000/12=5040/12=$420/month
2) Strata fees--$0.35 per sq. ft. Assuming 1200 sq. ft--about average for a 3BD, 2 bath condo--that is $.35*1200=$420/month.
3) Mortgage--5 year fixed (you wouldn't want to go with variable now, given that mortgage rates have begun their inevitable rise), assuming 10% down payment, mortgage rate of 5.5% amortized over 25 years, yields a monthly mortgage payment for that 700,000 condo (630,000 of which you need to borrow) of...$3,845.47 per month.
So, your total cost of renting the 3BD, 2.5 bath in a house with both front and back yard=$1800/month.
Your total cost of owning a 3BD, 2-bath 1200 sq. ft condo=420+420+3845.47=$4685.47/month.
Oh, and if the roof on your rented house needs to be replaced, the cost to you (the tenant)=$0.00
You find out that the pool in your condo building is leaking and needs to be fixed. The cost to you as the owner--tens of thousands of dollars.
Why anybody is buying real estate right now is beyond me.