Is it actually worth it to get into the condo market in Vancouver?
It’s a tale as old as time in metro Vancouver, I did all of the right things but still never had bags of cash needed to afford a down payment on a property. I’m finally a the point where there *may* be a few condo properties I could look into (cheaper one bedrooms), but even then, I’ve heard a lot of horror stories.
While I’d like to get out of the renting game and own my own place, I’ve heard terrible stories about high strata fees and random levies by the condo board (costing residents tens of thousands of dollars for repairs). That doesn’t sound appealing at all, especially when making this kind of financial move will leave me with little money left for anything else.
I’m just looking for opinions and perspectives on what makes sense. While renting is always looked at as a “bad” thing (by some people), I think it might make more sense while I live in Vancouver. I feel like if I buy, I’ll have little money left over and never break even.
What are your thoughts?