6 years later amidst a heated market in Victoria, B.C., I am left scratching my head.
Unfortunately a lot of consumers associate a luxury car with success/competency. From personal experience, driving a nice car helps, but it is not something I would look for in a professional personally.
In Europe for decades a single family home in the core of a desirable city has typically been out of reach for the average earning family.
In my 5 years of ownership the condo has appreciated from $198,900 to approximately $230,000 – $235,000 and the mortgage principal has dropped from $158,900 (initial down payment of $40,000 on the $198,900 purchase price) to approximately $139,000. During this time the condo has been cash flow positive every single month.
The savings are a little difficult to calculate as owner-building will take time away from your actual career/business. I would owner-build again but only if I was semi-retired or completely retired.
I can, but only if you as the consumer are willing to embrace a fee for service model.
Not only do you want to buy into a building where rentals are unrestricted, but ideally you buy into an unrestricted building where the ratio of rented units to owner-occupiers is low.
Do real estate purchasers in Victoria, B.C. factor in earthquake safety in their decision making? No
The most expensive areas, such as Oak Bay, are probably the worst places to be in terms of a large earth quake.
Real estate transactions do not need to be stressful. Stay calm.