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RE: Math

Posted by RGA (R) on November 25, 2021 at 18:26:11

In Reply to: Math posted by grantv on November 25, 2021 at 16:56:38:

I paid $405,000 in October 2018. Another unit in our complex (identical size layout) was asking $587,000 and sold for $600,000 in 3 days. Another one has just gone up for sale and is asking $649,000.

It's bonkers. My unit is actually a top 4 unit in the entire complex as it is an end unit on the quiet end. It's a duo townhouse - the one that sold for $600k is one of five connected together.

I read an article that said Vancouver Island has seen the greatest property increases in the country.

If you truly can work from home Vancouver Island is a nicer place to live than Vancouver. So perhaps people are looking to move. A 3 bedroom 3 bathroom townhouse for $600k is better than a 2 bedroom 1 bathroom smaller apartment in Vancouver for $1.5 million.

I am happy of course to see my place increase in value - the problem is that so has everything else on Vancouver Island. It does increase my equity. I am hoping to pay it off by the summer of 2023 at the latest - perhaps next year if I save well.

Although I have been considering the idea of moving across the country to Niagara Falls - if the Vancouver Island housing is going up 50% in three years and Niagara only goes up say 20% then I can get a better place over there down the line than I otherwise could have afforded.

Now to see if Niagara Falls is more or less susceptible to climate change issues than Vancouver Island. Parts of BC are under water or succumbing to landslides.

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