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    Condo prices might go up with demand, depending on divorce rates after all this is over.

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    Quote Originally Posted by 89coupe View Post
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    I would never buy a condo.
    do you give that same advice to your clients? serious question, not trolling.

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    Quote Originally Posted by Xtrema View Post
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    And free month for Apr.

    Met a landlord @ Lonestar waiting area, he got an eviction notice that has been worked on for 3 month and ready to serve on Apr 1st, now got cock blocked.

    He already lost like $13K in damages to that property and can't get tenant out. He also got 2 other that ain't paying for Apr and leaving in June.

    Unless it's your dream home or something, there is really no point to own.
    That is BS though. Government specifically said this does not apply to tenants who are causing damage or whatever. So there is some protection for landlords too. Assuming it was worked on for 3 months and it was not Covid related, he should still be able to evict his ass.

    I remember hearing it on the YourAlberta updates, but here is an article just for reference.
    Kenney also stressed that the emergency measures would be voided if a tenant committed a crime or caused damage inside a landlord’s property.

    "We want landlords to understand that they can still protect the value of their property from renters who may be breaking the law or damaging their property."
    https://edmonton.ctvnews.ca/new-land...nues-1.4871791

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    Quote Originally Posted by Xtrema View Post
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    Unless it's your dream home or something, there is really no point to own.
    Damn, I was really wanting to debate you but my talking points are strictly emotional.


    Quote Originally Posted by Buster View Post
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    The benefit of masks is not known at this time. But we do know it is some non-trivial amount more than zero.

    We also know that the cost of mask use is, essentially, zero.

    So the cost:benefit of mask use is approaching infinity. I'll take that every time. And every time I see someone without a mask, I think they are stupid.

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    Quote Originally Posted by sabad66 View Post
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    do you give that same advice to your clients? serious question, not trolling.
    Yes I do. I really don’t recommend condos. Too many shitty management companies, & builders.

    Not enough protection for the buyer. The little guy always gets the shaft when things go south.

    I will always help my client with whatever they want but I try my best to be transparent.

    I’m not in it for a quick sale.

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    Quote Originally Posted by flipstah View Post
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    Damn, I was really wanting to debate you but my talking points are strictly emotional.
    Yeah, even with losing value, increasing tax, insurance and reno cost, it's still cheaper to own my home then rent one of equal size.

    Plus I like to do shit it without asking for permission, but there's a price to that.

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    Thanks everyone. Looks like we'll be hanging tight for a while.

    Even though Cove Properties is one of the few (only?) builder who uses the underfloor heating in condo units, it's a feature we would consider foregoing since the unit will likely be under 650 sq ft so even with radiator heating it won't be too loud.

    I'll just mention again that detached living isn't an option and at least she'll be able to stay at my place until she finds something suitable.

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    Quote Originally Posted by 89coupe View Post
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    Yes I do. I really don’t recommend condos. Too many shitty management companies, & builders.

    Not enough protection for the buyer. The little guy always gets the shaft when things go south.

    I will always help my client with whatever they want but I try my best to be transparent.

    I’m not in it for a quick sale.
    Good call, nice to have honest realtors

    I wish my realtor gave me that advice before i bought my townhouse as i had trouble selling it when we upgraded. But then again that was back in 2015 so things were way different.

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    Quote Originally Posted by Xtrema View Post
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    And free month for Apr.

    Met a landlord @ Lonestar waiting area, he got an eviction notice that has been worked on for 3 month and ready to serve on Apr 1st, now got cock blocked.

    He already lost like $13K in damages to that property and can't get tenant out. He also got 2 other that ain't paying for Apr and leaving in June.

    Unless it's your dream home or something, there is really no point to own.
    OP is making purchase as primary residence so bad tenants is non issue.

    Other comment is how quickly we go from FOMO to “no point to own”. In retrospect I’m glad oil prices came back to earth back in 2015. We would’ve been in a similar position to Toronto or Vancouver with seemingly unlimited amounts of FOMO. Saw lots of FOMO buying prior to that. Even when oil prices fell there were tons of ‘buy the dip’ assholes out there propping up prices.

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    Quote Originally Posted by Manhattan View Post
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    OP is making purchase as primary residence so bad tenants is non issue.
    Not true. What about the bad tenant neighbours?

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    Is no one here predicting a crash once we're all allowed back out of our current homes???

    There was shit loads of layoffs before all this started... and a ton more ongoing... isn't it a foregone conclusion?

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    Quote Originally Posted by jwslam View Post
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    Not true. What about the bad tenant neighbours?
    They'll have the same neighbors whether renting or owning.

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    Quote Originally Posted by 370Z View Post
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    Is no one here predicting a crash once we're all allowed back out of our current homes???

    There was shit loads of layoffs before all this started... and a ton more ongoing... isn't it a foregone conclusion?
    I think several of us are predicting that exact thing. Don't buy, rent.
    Quote Originally Posted by schurchill39 View Post
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    Oh god, don't get him started.

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    I would buy a condo if that is all that I could afford.

    Not now though. I am looking to buy a discounted home in Aspen. Not because of the market crash, but because of the impending divorces that are sure to arise. Something on the right side of the 85 st should suit me just fine.
    Quote Originally Posted by 89coupe View Post
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    Beyond, bunch of creme puffs on this board.
    Everything I say is satire.

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    It would take a very specific set of variables to buy a condo in the far NW.
    Not impossible. It took a specific set of variables for me to buy my place in the SE. It was a sellers market then. Its the opposite now.

    The short answer is no. BUT I would not rule it out. Things may be working in your favour.
    There is a massive domino effect on the economy that is yet to come. People out of work, they can't pay bills, mortgage, car loans, hair cuts, insurance, business lease payments ..you name it. Then you have knock on effect on luxury items as people are spending on things they only need to exist. I don't see a vaccine coming out that soon yet. Add to the fact you have a US election in November. Things are gonna get bouncy.

    Then again those variables may not matter if that range of instability does not apply to your parent. i.e limited/no mortgage, low expenditures etc. So this could work in your mothers favour as things get hairy through the year.

    One thing I would say is consider a perspective from a different angle. If you can, see a financial planner.

    These are some key factors that should be considered.
    Average female life expectancy in Canada is 82. Parents are Asian so add another 8 to that to be safe.
    Factor in remaining working life if there is any. RRSP, Savings and projected government payments like OAP etc.
    The planner should be able to calculate base costs of bills year after year, adjusting for inflation. Also factor in additional expenditures you would get with a house. Like the furnace going or roof leaking. That would be the condo equivalent of a special assessment.

    This will give you a good baseline on the numbers to start with till very latter part of your parents life. They can show you year after year to give you a good idea. This will give you a more prudent approach to see how it fits in the overall picture of your mothers plan.
    Hence buying a house may not be the best thing with higher cost's. I agree with you in regards to Condo and some features. There is a lot of crap out there that have no got basics right.

    Im assuming the NW is a viable location as its near yourself and family. One thing that has not been mentioned here. Consider how far your parent is from a hospital, bustop, social circles/day centres. As they age, medical appointments will happen and mobility issues will start.
    What type of lifestyle does your mother have. Does she garden, go for walks, have a friends circle etc. I can't stress this part enough. it might good for you being so close. But those key things such as medical and mobility will be big on her side.

    To give a example I had a conversation with my mother two days ago. She mentioned when they bought their house in London 1970. A old man who was a friend of my dads mentioned to buy this particular house as it was next to schools, doctors, multiple bus-tops (a hospital 5mins away was built ten years later). Now m mother is 74, she realises exactly what this person was talking about as her ability to move has changed massively and they have many more medical appointments. Those things make a huge difference.

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    Quote Originally Posted by 2020 View Post
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    “It’s always a great time to buy” according to those blood sucking realtors. Personally I would buy if the price was 10-15% under market value
    Have I got a deal for you. I have a rental home in Cranston to sell. 1150 sq. ft with detached double garage corner lot. It needs love i'm not going to lie. I'll fire sale it.

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    Quote Originally Posted by 2020 View Post
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    “It’s always a great time to buy” according to those blood sucking realtors. Personally I would buy if the price was 10-15% under market value
    But what's market value?

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    One irrational reason to buy vs. rent: "I don't want to pay someone else's mortgage"

    I like my condo unit though; concrete bones, healthy reserve, and a mix of landlords and private owners.


    Quote Originally Posted by Buster View Post
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    The benefit of masks is not known at this time. But we do know it is some non-trivial amount more than zero.

    We also know that the cost of mask use is, essentially, zero.

    So the cost:benefit of mask use is approaching infinity. I'll take that every time. And every time I see someone without a mask, I think they are stupid.

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    I guess all the renters that were holding out for global economic collapse were onto something... now would be the time to get into the market I would think.

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    Quote Originally Posted by flipstah View Post
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    One irrational reason to buy vs. rent: "I don't want to pay someone else's mortgage"

    I like my condo unit though; concrete bones, healthy reserve, and a mix of landlords and private owners.
    I mostly want one so I can actually remodel a few things to make it my own. Most of the rental condos look like rentals and are well worn and dated. Or they're brand new and tiny shoeboxes.
    Nolan

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