Predictions for the Vancouver condo market

[Charly]

Any predictions for the Vancouver condo market for 2010 and 2011?

I am looking to purchase a condo one bedroom in either North Vancouver or West End ($300,000 range) for myself with plans to move into it two-three years from now.

What are REIN predictions for best possible time for me to buy?

 

[Thomas Beyer]

QUOTE (Charly @ Jan 13 2010, 01:49 PM) Any predictions for the Vancouver condo market for 2010 and 2011?

I am looking to purchase a condo one bedroom in either North Vancouver or West End ($300,000 range) for myself with plans to move into it two-three years from now.

What are REIN predictions for best possible time for me to buy?
best time to buy: 100 years ago .. next best time: NOW

prices will rise until summer 2010 .. then level off due to HST and higher interest rates .. possibly drop 3-5% .. but will continue to rise assuming decent location and quality product (hard to find the the 300K range)

Best to buy with oceanview, concrete, S or west view with lots of light. Avoid lower levels, north view (too dark) or old buildings with potential moisture issues and potentially huge deferred condo problems .. check reserve fund and condo documentation very carefully if asset is over 4 year old !!

Is this to live in or to rent ?

what do you get for 300K in the west-end ? a 500 sq ft small 1BR or studio ?

a pre-sale is an option with possession in 2 to 3 years .. there are some decent new projects on the market right now !

 

[Charly]

Thanks Thomas

This is a property for myself to move into two to three years from now. I dont think I will be able to afford a condo in Vancouver 2-3 years from now. I will used it as a pier de terre in between that time. I might consider renting it out for two years before I move, BUT not sure yet.

What presale options (Projects) do you know of that you think would be good? My concern with a presale were project stability and bankruptcy. There are too many new builds on the market so I thought some might have financial challenges.

I did see a lovely condo in a great location. It turned out to be a co-op. I have concerns with co-ops. Your thoughts on them?

Charly


QUOTE (ThomasBeyer @ Jan 13 2010, 08:24 PM) best time to buy: 100 years ago .. next best time: NOW

prices will rise until summer 2010 .. then level off due to HST and higher interest rates .. possibly drop 3-5% .. but will continue to rise assuming decent location and quality product (hard to find the the 300K range)

Best to buy with oceanview, concrete, S or west view with lots of light. Avoid lower levels, north view (too dark) or old buildings with potential moisture issues and potentially huge deferred condo problems .. check reserve fund and condo documentation very carefully if asset is over 4 year old !!

Is this to live in or to rent ?

what do you get for 300K in the west-end ? a 500 sq ft small 1BR or studio ?

a pre-sale is an option with possession in 2 to 3 years .. there are some decent new projects on the market right now !