Has anyone purchased a Tour Des Canadiens condo?
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11-01-2012, 12:20 PM
Join Date: Mar 2008
Originally Posted by
The first condos that got built in the Dix30 were being sold for 112k about 10 years ago. I went to check them out this year, and one guy wanted to sell his for 280k
I was also giving you guys estimations. I really don't know how much condos were exactly 20 years ago, but I do know that a HOUSE back then would cost around 100k to 150k. The big houses were going for 250 at the time and now these same houses go for at least 500k (I'm talking about the 250k houses) whereas any condo you look at nowdays will be at least 200k.
Look you guys believe whatever you want, but any property you bought 20 years ago will definately be worth selling and making at least 100k when the time is right.
My parents bought their house 10 years ago for 280k, now our house is valued at 500k by the bank and this was 2 months ago. Maybe prices might not double again in 10 years the same way they have but FOR SURE they will be much higher than what you would pay for right now. And to me this is good enough of an investment, way more safer than investing in stocks or RRSPs
Politics, and threat of separation, was one reason why prices were so cheap. Over 500,000 people left in a decade - in the 80s and most of the 90s, nobody was able to sell anything.
You were able to purchase a house in lower westmount for $220K
What happened after is that the job market and exodus stabilized, and for once, the province was even seeing slight population growth - instead of decline.
Couple that with all the facts already mentioned to you by posters and you have the great returns from the last 10 years.
Like others, I agree that we are not in a huge bubble but there will be a correction and I do believe that prices can go down moderately.
Regarding the baby-boomers - you are still forgetting that condo in the suburbs is not considered as precious land. Developers can build 5 minutes from Dix30 and cater to these people at any point in time, even branding it as retirement condos. The moment they have an opportunity and a green light to build, they will do so. And this hurts the resell market - because lets be honest, buying something new vs something already lived in...
This is the difference between buying a condo in the suburbs and buying a duplex near a metro line. Condo market is very risky for these reasons.
I also think we overstate the amount of retirees that want to move into condos - i know many that want to have a garden, a pool in the backyard, extra space for when the grandchildren come over etc..
Don't get me wrong, if you sustain an income and remain employed, you are not going to lose your shirt by owning a condo - I just hope that you enjoy living in a condo for the years to come and that's what counts.
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