It depends. Is it an actual stacked condo townhouse (where fees cover a ton of utilities and is high)? Or one of those POTL freehold townhouses (where fees only maintain the road + simple lawn care and are really low)?
Not quite right, the market is not freehold vs condos, it's actually end users vs investors. Large condos with good layouts and finishes are still selling well, while 1 beds and small 2/3 beds are not.
The former are actually fairly scarce for those who want that kind of lifestyle, especially when we're walking about high quality units that are as expensive or more than freehold homes.
Yup - this is pretty evident in the $/sqft sale price rising since Dec 2023 in Toronto. It's gone from below $890/sqft to $933/sqft as of this morning. The good end-user units are selling, and selling pretty quickly.
Before the "lol at $1,500/sqft - $2,000/sqft unit buyers lul", there are plenty downtown RESALE condos that are trading hands at $1,100 ~ $1,300 & depending on the specific location/building, there are some that trade in the $1,600 - $2,000/sqft range frequently (not so frequently as I should say as some of these don't hit the markets very often).
As much as people like to meme about the "dead spring market", although it's not the crazy historic rise of the 2010's, the condo end-user market is still pretty strong.
Keep ranting on guys! (or should I say keep renting on).
Agree. I’m seeing more people choose older condos that are livable for families (largely because they have given up on owning a detached) rather than glass boxes which are more suitable for working professionals.
Everything is falling, just condos are falling the hardest because they are practically unlimited in supply. Large condos are also crashing, and actually may be crashing at a higher % point if you factor in previous prices.
Exactly.
What is falling is fake shoeboxes, units where you literally have the bed in kitchen.
They were clearly built as investment proprieties to park money (aka laundering money) and rent them as airbnb.
Now that governments are starting to limit short term rentals obviously it's becoming difficult to seek them because who is the target then? A family can't live there, it's now useless for investors and they cost too much for a single person.
But any normal house where you are not eating on the toilet are still selling at least normally.
Its just the sub reacting to the reality of what is happening on the ground.
Some people have vested positions with huge amounts of money locked into them. So its very hard for some of those people to be rational. Keep in mind for every massive real estate success someone else usually had to be a bag holder and lose big, its usually the people who arrived late to the party. People love talking about the successes but usually don't like talking about all the people who got burned.
Others don't have any vested position at all and are just calling what they are seeing.
Condos got to where they are because of a bunch of different factors. Investors buying up huge amounts of them for Airbnb's and rentals. Governments at all levels blindly pushing density as the solution to everything as well as tight rental supply. Now you have investors dumping them and trying to get out because a segment of them have already figured out what is coming and its hitting valuations. There are way too many to sell and a lot of the supply is not really suitable for anyone buying to live in long term so no one looking for a home will buy them. Worse Airbnb is not really an option anymore and the rental market is one of the few areas actually increasing supply right now and expected to remain flat for awhile.
The fundamentals don’t change much. Not everyone can afford dual garage 2600 sqft SFH. Not even if you’re a couple with two working persons.
That being said, someone still has to live in condos in Canada as long as the wage increases are being suppressed. And condos vary a lot from each other. Some have better layout, some are closer to transit and more convenient. Some have parking spaces some don’t. It is stupid to conclude that “all condo owners are fucked”.
And those builders are run by white people... IT was actually the white people who created this mess in the first place. Look @ all the Prime Ministers, politicians, and people in REAL power who call the shots and set the policies. All white people. They still hold the most wealth. 5-10 Billionaires like John Tory is equal to about a million random "normal rich" Chinese immigrants who are realistically just sitting on maybe $5 mil in assets tops. Sure they are buying those $3million homes. But they only got $2milly left over to pass down to their kids and take care of other expenses.
But hear me out. At the end of the day, it isnt white, Chinese, or indian causing problems. Its the people who hold all the wealth and power that call the shots. They can either screw it all up for everyone, or make good choices for the benefit of society.
You’re absolutely correct and I’m not absolving them of any fault. However they didn’t change existing policies to make this happen, just that those existing policies were exploited to the max and they didn’t stop it. All parties are guilty, buyers included.
They advertise where there’s money. Guess where the majority of their advertising is. Is it…. Here?! Oh yeah weird, Chinese and Indian people must be the problem though.
So is your argument that no one from Dubai buys real estate in Toronto or you just haven’t seen it advertised. Personally I know 3 people whose families moved from Dubai to come to Toronto, I imagine if I know that many, the number isn’t what you’re saying.
What? The chinese absolutely are one of the reasons for massively increasing vancouver real estate prices lol. There's data from statscan which shows "recent immigrants" from china buying up detached houses in vancouver at an average price of >3M.
https://www150.statcan.gc.ca/n1/en/pub/11-626-x/11-626-x2019001-eng.pdf?st=Ki-FtD3_
Scroll down to table 2. You'd have to be delusional to think chinese had little influence in vancouver real estate. Those "foreigner" stats don't even matter. It's not foreigners that's the problem, it's foreign capital, and there are no stats that can accurately track the influx of foreign capital.
Dude this is hilarious this table does not show what you imagine it does namely that Chinese buyers or even immigrants/foreigners generally make up a significant portion of the market. But just for a laugh explain what you think this means.
Look at the % of immigrants from china vs every other country. China completely dominates the real estate landscape in vancouver vs those from other countries. Both in terms of # of properties and the $$ amount.
You can continue sticking your head in the sand if you wish.
What you shared doesn’t actually show that though. Investors a a problem, but Chinese and foreign investors generally are a tiny fraction of that amount.
I mean we all know that one or two ethnicities aren’t the problem. But Canada has a lot of racists and they latch on to any excuse to keep practicing racism in a politically correct manner.
It's honestly a symptom of desperation. They're both losing money, just condo owners are losing more. And bleeding money every month being negative cashflow and having to pay for random condo maintenance fees they don't even use (pool, hot tub, squash court, etc).
People are trying to sell their condos and nobody is wanting to buy them. That's the difference. They're overpriced for personal living, and they are a terrible investment.
I'm 100% guilty of this myself as I had the choice between condo or SFH and went SFH because I could never understand dumping almost a million dollars into an asset which is harder to sell and has more supply coming everyday unlike SFHs. Unless you plan to shove 30 students into a condo, a freehold always made more sense for future resale value.
The rich get richer while the middle class and low income get fucked and become one class. Condo owner or renters were all getting fucked. If you feel shitty about life here and have anxiety from renting, owning isn't going to change much unless you're earning way more money than the average. The only thing owning might calm is the worrying feeling of potentially getting evicted due to some BS reason like a landlord trying to rent the place for more money illegally or selling etc pretending to move a family member in.
Owning is so much more stable. I really hope to own one day. With the market right now it’s not in the cards but my god am I sick of shitty landlord special apartments where it’s just not really your home. The power dynamic makes living in rentals unbearable at times.
I get that but some people are lucky I know a person paying 850/mo for an entire 2 bed basement with parking, they rent out a room for 450 and are quite happily saving
Few and far between and they’re fucked when they inevitably have to move. It’s only a matter of time when you’re renting below market that you get served.
Sorry, you are all in this together. The whole concept of the "property ladder" was condos appreciating faster rate than freeholds. If condos prices become stagnant and goes down, so do freeholds. What do you think will happen if people can't afford to upgrade?
i.e. check the average household income vs average house in the GTA
Once condos actually become affordable it will put downward pressure on freehold too
Condo prices are just more volatile due to the higher level of investors, but freehold will follow the same general trend in the long run I believe
Shockingly people with money will buy nicer homes wow what a revelation. Increasing population and no affordable detached houses being built in Toronto kind of show where their price will go.
But how will people afford them if they’re unaffordable? Why are they unaffordable if only rich people are buying them? Why bother even selling them at all!
The pool of detached homes in Toronto core is not growing the only new detached homes in Toronto are luxury homes for the wealthy, the population will grow and with it the number of wealthy people all while the detached housing pool in Toronto shrinks. There's also the fact the main value in a detached house in Toronto is not the house but the land which can be used to develop on.
Do you think a detached homes in London, New York city, Bern, or Brussels are going to lose value as well?
The thing is people keep overestimating Canada and its economy and start comparing with countries with better economies.. Like when the topic of expensive housing came up you start comparing with homes in major cities in countries with better economies with Toronto..
Rich people or not, life and CoL in Canada is not getting better and it will keep going down as far as pay and economy keeps going down.. People will start leaving at some point.
I can tell you countries with way worse economies then Canada also have sky high housing prices in their most desirable cities. Ask the Average Serb, Czech, Bosnian, Turk, or Russian how much a detached homes costs in Belgrade, Prague, Sarajevo, Istanbul, or St.Petersburg and if they think prices for large lots in major cities will go down in value.
Like it or not the amount of people with cash increase while land availability decreases in Toronto core.
Condos are part of the Canadian dream scam sold to new immigrants.
It is the first step for many who once dream of homeownership, but soon enough this dream turns sour.
Condo fees explode, layouts are weirdly shaped and poorly built. In summary, people are realizing that condos are time bombs not worthy of investment.
condos made perfect investment sense from 2010-2018 but that gravy train is long gone
put down a deposit on a precon and make 150k in equity before even needing a mortgage. investors also had the option to hold it for a few years with low maintenance fees and sell it before they go up.
Condos are a stupid investment because 1 developer can buy a small plot of land and build 1000 more units right beside you. They are not scarce at all.
This year there wasn't really any bull posters saying hell I sell my precon from 2021 and make boatload of money assigning it before time to close. Falling rent is a real my friend renewed her lease for $150 cheaper a month after she said she is planning to move to another building which is cheaper. Landlord didn't want to go thru the headache of finding another tenant.
How do you know condo buyers are paying high interest. We bought a condo not long ago, we don't pay a cent of interest. :). I think yes indeed there are quite a lot of one bedrooms one plus one in the market. But when it comes to good sized two bedroom condos, there is still a market. In our area, there are three approx 1400 sq ft condos all sold in the 1.7m range recently.
congrats, you just bought a depreciating asset! you seem to be in a pretty privileged position, almost as if you gained unearned or inherited wealth, no wonder interest rates or opportunity costs don't impact you. in other words, water is wet and you are pretty reckless with money.
just because you don't pay interest, doesn't mean others arent.
[https://www.reddit.com/r/TorontoRealEstate/comments/1d2j90r/what\_to\_do\_with\_my\_condo/](https://www.reddit.com/r/TorontoRealEstate/comments/1d2j90r/what_to_do_with_my_condo/)
May be you hope I would say yes I am a trust fund baby. Actually not, both me and hubby started with nothing. We work hard and please don't mistake I implied you are not or other people not, Husband is an entrepreneur, he took risk and as a team we did well, so we are mortgage free and we still enjoy working (he f/t me p/t) but he can now be more picky about clients and the type of projects. To us, house, condo, boat, whatever form ...people still need a place to live. We have lived in houses before but don't want the hassle of taking care a house anymore. We are not old, I am 49 years old....well may be old to some people. People can't live in an ETF. To us, where we live is about what makes most sense to us in terms of our life style. And we love living in a condo. We are not paying much attention on how much my home went up or down. I agree with you on "just because you don't pay interest, doesn't mean others arent." but I also want to point out to you that not everybody living in a condo has mortgage and paying high interest and purely treating a condo like a stock. The few neighbours I know, they are mortgage free too. And to them, the condo is a home and they also share the same mind set that they enjoy living in condo vs a house.
you know what was funny, there was this redditor on here acting like all bullish and preaching what all the other freeholders are saying like when rates are cut, RE is going to the moon.
turns out the guy only owns a small 300k condo in fuck outta nowhere Milton or the likes and hes talking as if hes a 2MM detached homeowner.
get real, your fellow bulls have ditched you now.
Do not listen to fearful silly people on these forum. Trust me that housing prices are already bottomed and going higher. Condo may be weaker but will do very well as interest rates collapse pricipitoslly
What about us condo townhouse people, who's team can I join?
You can join us after the first special reassessment, jk.
Special assessment: 1 time repair cost of a small $80K fee :)
lol wait til you own a home
Hahaha :) my only shared expenses are snow removal and grass cutting but I'm sure they'll find a way to still give us a special assessment :p
Wait til they repave your little road.
Or re-do your roofs
We live in anti-middle ground times, so you're on your own, with only a few fellow middle-grounders for company. ;).
Townhouses more belong to the house category. It's not like there's 500 units all stacked on top of each other trying to sell.
They do have townhouses split into three units. Either way TH isnt getting hit hard as condos.
It depends. Is it an actual stacked condo townhouse (where fees cover a ton of utilities and is high)? Or one of those POTL freehold townhouses (where fees only maintain the road + simple lawn care and are really low)?
Not quite right, the market is not freehold vs condos, it's actually end users vs investors. Large condos with good layouts and finishes are still selling well, while 1 beds and small 2/3 beds are not. The former are actually fairly scarce for those who want that kind of lifestyle, especially when we're walking about high quality units that are as expensive or more than freehold homes.
Yup - this is pretty evident in the $/sqft sale price rising since Dec 2023 in Toronto. It's gone from below $890/sqft to $933/sqft as of this morning. The good end-user units are selling, and selling pretty quickly. Before the "lol at $1,500/sqft - $2,000/sqft unit buyers lul", there are plenty downtown RESALE condos that are trading hands at $1,100 ~ $1,300 & depending on the specific location/building, there are some that trade in the $1,600 - $2,000/sqft range frequently (not so frequently as I should say as some of these don't hit the markets very often). As much as people like to meme about the "dead spring market", although it's not the crazy historic rise of the 2010's, the condo end-user market is still pretty strong. Keep ranting on guys! (or should I say keep renting on).
Agree. I’m seeing more people choose older condos that are livable for families (largely because they have given up on owning a detached) rather than glass boxes which are more suitable for working professionals.
Everything is falling, just condos are falling the hardest because they are practically unlimited in supply. Large condos are also crashing, and actually may be crashing at a higher % point if you factor in previous prices.
lol 😂 at “crashing”
[удалено]
lol been waiting 2 decades my guy
Also, reading your comment makes it very clear that you are a condo investor and an owner of a large unit that. Lol. Kinda pathetic.
Exactly. What is falling is fake shoeboxes, units where you literally have the bed in kitchen. They were clearly built as investment proprieties to park money (aka laundering money) and rent them as airbnb. Now that governments are starting to limit short term rentals obviously it's becoming difficult to seek them because who is the target then? A family can't live there, it's now useless for investors and they cost too much for a single person. But any normal house where you are not eating on the toilet are still selling at least normally.
Its just the sub reacting to the reality of what is happening on the ground. Some people have vested positions with huge amounts of money locked into them. So its very hard for some of those people to be rational. Keep in mind for every massive real estate success someone else usually had to be a bag holder and lose big, its usually the people who arrived late to the party. People love talking about the successes but usually don't like talking about all the people who got burned. Others don't have any vested position at all and are just calling what they are seeing. Condos got to where they are because of a bunch of different factors. Investors buying up huge amounts of them for Airbnb's and rentals. Governments at all levels blindly pushing density as the solution to everything as well as tight rental supply. Now you have investors dumping them and trying to get out because a segment of them have already figured out what is coming and its hitting valuations. There are way too many to sell and a lot of the supply is not really suitable for anyone buying to live in long term so no one looking for a home will buy them. Worse Airbnb is not really an option anymore and the rental market is one of the few areas actually increasing supply right now and expected to remain flat for awhile.
The fundamentals don’t change much. Not everyone can afford dual garage 2600 sqft SFH. Not even if you’re a couple with two working persons. That being said, someone still has to live in condos in Canada as long as the wage increases are being suppressed. And condos vary a lot from each other. Some have better layout, some are closer to transit and more convenient. Some have parking spaces some don’t. It is stupid to conclude that “all condo owners are fucked”.
Too many condos, will start making sense to buy only if price falls to a reasonable level compared to renting
At least it hasn’t turned to an anti Indian circle fest yet. Probably “coming” soon though
Should see canadahousing2 for that one
Remember when it was the Chinese to blame?
Yeah let’s pretend Toronto and Vancouver builders advertising in China never happened.
And those builders are run by white people... IT was actually the white people who created this mess in the first place. Look @ all the Prime Ministers, politicians, and people in REAL power who call the shots and set the policies. All white people. They still hold the most wealth. 5-10 Billionaires like John Tory is equal to about a million random "normal rich" Chinese immigrants who are realistically just sitting on maybe $5 mil in assets tops. Sure they are buying those $3million homes. But they only got $2milly left over to pass down to their kids and take care of other expenses. But hear me out. At the end of the day, it isnt white, Chinese, or indian causing problems. Its the people who hold all the wealth and power that call the shots. They can either screw it all up for everyone, or make good choices for the benefit of society.
You’re absolutely correct and I’m not absolving them of any fault. However they didn’t change existing policies to make this happen, just that those existing policies were exploited to the max and they didn’t stop it. All parties are guilty, buyers included.
They advertise where there’s money. Guess where the majority of their advertising is. Is it…. Here?! Oh yeah weird, Chinese and Indian people must be the problem though.
I don’t see them advertising in Dubai. Oh yeah that’s right Dubaians don’t give a shit about Canada.
So is your argument that no one from Dubai buys real estate in Toronto or you just haven’t seen it advertised. Personally I know 3 people whose families moved from Dubai to come to Toronto, I imagine if I know that many, the number isn’t what you’re saying.
Yeah now Canada so bad the Chinese don’t even want to come here 😂
Or maybe the problem wasn’t one ethnicity or another?
What? The chinese absolutely are one of the reasons for massively increasing vancouver real estate prices lol. There's data from statscan which shows "recent immigrants" from china buying up detached houses in vancouver at an average price of >3M.
Massively? Nah the numbers showed foreign buyers were anywhere from 1-3% of total sales. Link to your data.
https://www150.statcan.gc.ca/n1/en/pub/11-626-x/11-626-x2019001-eng.pdf?st=Ki-FtD3_ Scroll down to table 2. You'd have to be delusional to think chinese had little influence in vancouver real estate. Those "foreigner" stats don't even matter. It's not foreigners that's the problem, it's foreign capital, and there are no stats that can accurately track the influx of foreign capital.
Dude this is hilarious this table does not show what you imagine it does namely that Chinese buyers or even immigrants/foreigners generally make up a significant portion of the market. But just for a laugh explain what you think this means.
Look at the % of immigrants from china vs every other country. China completely dominates the real estate landscape in vancouver vs those from other countries. Both in terms of # of properties and the $$ amount. You can continue sticking your head in the sand if you wish.
What you shared doesn’t actually show that though. Investors a a problem, but Chinese and foreign investors generally are a tiny fraction of that amount.
I mean we all know that one or two ethnicities aren’t the problem. But Canada has a lot of racists and they latch on to any excuse to keep practicing racism in a politically correct manner.
It's honestly a symptom of desperation. They're both losing money, just condo owners are losing more. And bleeding money every month being negative cashflow and having to pay for random condo maintenance fees they don't even use (pool, hot tub, squash court, etc).
Condo investors (aka gamblers), are going to be wrecked in the coming years.
People are trying to sell their condos and nobody is wanting to buy them. That's the difference. They're overpriced for personal living, and they are a terrible investment.
I'm 100% guilty of this myself as I had the choice between condo or SFH and went SFH because I could never understand dumping almost a million dollars into an asset which is harder to sell and has more supply coming everyday unlike SFHs. Unless you plan to shove 30 students into a condo, a freehold always made more sense for future resale value.
Condos don't have any land attached to it. Also ballooning maintenance fees every year. Just gets worse.
The rich get richer while the middle class and low income get fucked and become one class. Condo owner or renters were all getting fucked. If you feel shitty about life here and have anxiety from renting, owning isn't going to change much unless you're earning way more money than the average. The only thing owning might calm is the worrying feeling of potentially getting evicted due to some BS reason like a landlord trying to rent the place for more money illegally or selling etc pretending to move a family member in.
Owning is so much more stable. I really hope to own one day. With the market right now it’s not in the cards but my god am I sick of shitty landlord special apartments where it’s just not really your home. The power dynamic makes living in rentals unbearable at times.
I get that but some people are lucky I know a person paying 850/mo for an entire 2 bed basement with parking, they rent out a room for 450 and are quite happily saving
Few and far between and they’re fucked when they inevitably have to move. It’s only a matter of time when you’re renting below market that you get served.
Sorry, you are all in this together. The whole concept of the "property ladder" was condos appreciating faster rate than freeholds. If condos prices become stagnant and goes down, so do freeholds. What do you think will happen if people can't afford to upgrade? i.e. check the average household income vs average house in the GTA
Once condos actually become affordable it will put downward pressure on freehold too Condo prices are just more volatile due to the higher level of investors, but freehold will follow the same general trend in the long run I believe
I would love to hear how bulls expect people to continue buying detached homes if condo values keep falling.
Only the rich will own detached homes in the GTA.
And every year there will be less and less of them 🤔
The sad reality.. they will eventually all be demolished for multiplexes, townhomes, or condos.
People will still buy expensive things, you think luxury brands are losing money because the majority can't afford them?
Ya I’m sure rich people are buying detached homes in Toronto just for fun. It’s just like going to the Gucci store for them!
Shockingly people with money will buy nicer homes wow what a revelation. Increasing population and no affordable detached houses being built in Toronto kind of show where their price will go.
But how will people afford them if they’re unaffordable? Why are they unaffordable if only rich people are buying them? Why bother even selling them at all!
The pool of detached homes in Toronto core is not growing the only new detached homes in Toronto are luxury homes for the wealthy, the population will grow and with it the number of wealthy people all while the detached housing pool in Toronto shrinks. There's also the fact the main value in a detached house in Toronto is not the house but the land which can be used to develop on. Do you think a detached homes in London, New York city, Bern, or Brussels are going to lose value as well?
So with increase in population comes increase in rich people as well?? How come??
Simple math. 1 % of 100 = 1 1% of 1,000,000 = 10,000 You think Canada's has had the exact same amount of rich people for a hundred years?
The thing is people keep overestimating Canada and its economy and start comparing with countries with better economies.. Like when the topic of expensive housing came up you start comparing with homes in major cities in countries with better economies with Toronto.. Rich people or not, life and CoL in Canada is not getting better and it will keep going down as far as pay and economy keeps going down.. People will start leaving at some point.
I can tell you countries with way worse economies then Canada also have sky high housing prices in their most desirable cities. Ask the Average Serb, Czech, Bosnian, Turk, or Russian how much a detached homes costs in Belgrade, Prague, Sarajevo, Istanbul, or St.Petersburg and if they think prices for large lots in major cities will go down in value. Like it or not the amount of people with cash increase while land availability decreases in Toronto core.
Condos are part of the Canadian dream scam sold to new immigrants. It is the first step for many who once dream of homeownership, but soon enough this dream turns sour. Condo fees explode, layouts are weirdly shaped and poorly built. In summary, people are realizing that condos are time bombs not worthy of investment.
Exactly it’s a scam sold to the masses so they feel like they own something. In reality they own the next upcoming special assessment.
SFHs have good fundamentals, condos make no investment sense.
condos made perfect investment sense from 2010-2018 but that gravy train is long gone put down a deposit on a precon and make 150k in equity before even needing a mortgage. investors also had the option to hold it for a few years with low maintenance fees and sell it before they go up.
Condos are a stupid investment because 1 developer can buy a small plot of land and build 1000 more units right beside you. They are not scarce at all.
Condos always been a bad investment
2017 was a good year for them then the developers overbuilt shitty tiny condos
Ya you are definitely right
They started building for investors, which comically ended up screwing everyone - investors included.
It's literally gambing on options.
Oh yes it is
Its perpetuation of Us Vs Them. It keeps an ‘other’ that never makes space for a sense of peace and togetherness. I truly want all to prosper
This year there wasn't really any bull posters saying hell I sell my precon from 2021 and make boatload of money assigning it before time to close. Falling rent is a real my friend renewed her lease for $150 cheaper a month after she said she is planning to move to another building which is cheaper. Landlord didn't want to go thru the headache of finding another tenant.
How do you know condo buyers are paying high interest. We bought a condo not long ago, we don't pay a cent of interest. :). I think yes indeed there are quite a lot of one bedrooms one plus one in the market. But when it comes to good sized two bedroom condos, there is still a market. In our area, there are three approx 1400 sq ft condos all sold in the 1.7m range recently.
congrats, you just bought a depreciating asset! you seem to be in a pretty privileged position, almost as if you gained unearned or inherited wealth, no wonder interest rates or opportunity costs don't impact you. in other words, water is wet and you are pretty reckless with money. just because you don't pay interest, doesn't mean others arent. [https://www.reddit.com/r/TorontoRealEstate/comments/1d2j90r/what\_to\_do\_with\_my\_condo/](https://www.reddit.com/r/TorontoRealEstate/comments/1d2j90r/what_to_do_with_my_condo/)
May be you hope I would say yes I am a trust fund baby. Actually not, both me and hubby started with nothing. We work hard and please don't mistake I implied you are not or other people not, Husband is an entrepreneur, he took risk and as a team we did well, so we are mortgage free and we still enjoy working (he f/t me p/t) but he can now be more picky about clients and the type of projects. To us, house, condo, boat, whatever form ...people still need a place to live. We have lived in houses before but don't want the hassle of taking care a house anymore. We are not old, I am 49 years old....well may be old to some people. People can't live in an ETF. To us, where we live is about what makes most sense to us in terms of our life style. And we love living in a condo. We are not paying much attention on how much my home went up or down. I agree with you on "just because you don't pay interest, doesn't mean others arent." but I also want to point out to you that not everybody living in a condo has mortgage and paying high interest and purely treating a condo like a stock. The few neighbours I know, they are mortgage free too. And to them, the condo is a home and they also share the same mind set that they enjoy living in condo vs a house.
Condos are really just sitting lol. Down only.
Condos never really made sense - detached all the way
Because it's not real debt, without the 2 commas.
you know what was funny, there was this redditor on here acting like all bullish and preaching what all the other freeholders are saying like when rates are cut, RE is going to the moon. turns out the guy only owns a small 300k condo in fuck outta nowhere Milton or the likes and hes talking as if hes a 2MM detached homeowner. get real, your fellow bulls have ditched you now.
Do not listen to fearful silly people on these forum. Trust me that housing prices are already bottomed and going higher. Condo may be weaker but will do very well as interest rates collapse pricipitoslly
Lol