Depreciation is an important word to analyze when it comes to any real estate purchase. An example of commonly known depreciation is when you buy a new car: it is often said that you lose 20 per cent of a new car’s value the minute you drive it off the lot. Thankfully housing doesn't depreciate at anywhere near that level, but over time it can be a concern.
As a rule of thumb, the first 20 years of a condo's life should be relatively problem free as long as the builder is reputable and knows what they are doing. But after that, maintenance items do crop up and it's important the strata council has a plan to address them. The longer they wait to fix any outstanding items, generally the more it will cost.
In BC, strata councils are now required to facilitate a deprecation report for its...
Real estate in Vancouver is pricey and getting more so by the minute, with few signs of slowing down. In fact, prices have doubled in Vancouver in less than a decade and continue to rise.
A lot of Vancouverites have postponed homeownership not because they can’t afford it, but because they’re concerned about (or waiting for) a house price correction. Meanwhile, they’re paying rent each month while their peers who own homes are building equity so they can eventually upgrade in the future and will be mortgage-free when they retire.
Here’s a look at the reasons to stay on the fence and keep renting versus entering our hot real estate market.
One of the major downsides of postponing homeownership is not being able to afford the property in...
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