“Two family members of hers are trapped, underwater, in condos on the East Side.”

“My new business partner & I were talking about office space and got to talking about the cost of RE, as always seems to happen in this city. I don’t like to bring it up having been contrary for so long, but it does come up anyway, and I get a pained look on my face. Anyway, happily, we had a shared moment of agreement about renting. My partner hasn’t done extensive reading in RE, having decided it was “a ponzi scheme”, but had a simple story that she felt proved her out. Two family members of hers are trapped, underwater, in condos on the East Side. One is looking at assessment or maybe maintenance increase? and wishes to move because work situation has changed and he’s commuting to Surrey. The other has too little room for a growing family and is thinking of moving out, renting space, and putting their condo up for rent … “if they can get enough to cover the mortgage”. We both pulled a face at that. Seems unlikely.”
- Absinthe at VREAA 27 March 2013 7:59 pm

3 responses to ““Two family members of hers are trapped, underwater, in condos on the East Side.”

  1. 4SlicesofCheese

    This.
    We are finally seeing the myth of property ladder in Vancouver exposed, there is a harsh margin between people who got in pre 04ish.

    I had this very same conversation with a coworker who I found out is a bear as well, he has a condo but people who bought condos/townhouses are basically stuck, who will be buying all these million dollar homes?

  2. East Van has a decent water table. I think they’ll be fine.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s