What do you guys think of the condo market? A friend is looking to buy but probably will want to selll in a years time when it is completed.

How fast can you sell a condo these days?

 

the real estate market is slowing down in general.....


I got a town house near marlborough mall for sale if anyone is looking.

 

Danny,

I purchased my condo in Rocky Ridge with the intent of doing the same thing some three years ago. I'm trying to sell it at the moment, albeit with limited success. Low interest rates mean people can afford more. As such, fewer people are looking at condos, and opting to purchase larger, more expensive homes.

Also, builders such as Pointe of View have burdened the resale market with a glut of inexpensive, and lower quality condos for as little as $98,000. This makes resale, with a profit for any condo ery difficult, when you can buy new for prices like those. My condo is a Statesman built condo; far more superior in features and build quality than those offered by POV. Nonetheless, potential buyers with limited financial resources still compare the two as if they were one and the same. Makes selling my $140,000 condo that much more difficult.

In my opinion and experience, the resale housing market has plateau'd in the last 6 months. An article in the Sun last week revealed that new home starts in Calgary this first quarter were down significantly compared to last year.

My 2c: Keep your cash in the bank. At least a 4% GIC will yield guaranteed profits, no matter how small. Failing that, if you really must get into the real-estate market, opt for a cheaper, older condo in less desireable neighborhoods, (NE/SE for instance), and rent them out while at the same time trying to sell. At least this way, you're not taking a hit on interest accrued on mortgage payments. Besides, suites in these neighbourhoods are far easier to rent out than nicer, newer places located in newer neighborhoods which are often, temporarily further away from transit and other amenities.

Asif

 

Thanks Asif,
I would agree, low interest rates and the new 5% down concession is making it easy to get a new condo.

 

All the properties in BC usually sells within 2-3 days of listing.


There are too many insane people hoping to cash in on the olympic.

 

Y not? I would

Especially in Whistler!