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Vancouver Island

home prices have skyrocketed and I can't see this reducing prices that's for sure.

I bought a townhouse in October 2018 and saw another unit sell for 50% more than what I paid in October 2021. 50% increase in 36 months. WTF. And the association fee (which covers exterior insurance, gardening, window washing, exterior painting, etc) has gone from $160 a month to $365 a month.

Add higher building costs and very low vacancy rates I am not sure how people are going to get into the housing market.

Indeed, the only way I could do it was to move overseas where they value teachers more.

I was looking to buy an apartment as an investment and see that one I liked has gone from $295,000 to $365,000 in a year.

As a non-resident of Canada, the government requires that I put 35% down. And I must rent it out or be hit with a yearly 8% tax on the value of the home. This is due to the low vacancy rate and to stop short-term speculators.

I just see these things snowballing. Higher costs may mean fewer investors to build low-income housing.




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