“Here’s a true story. I’ll call it 20 REASONS THIS COOL SPRING MARKET SUCKS FOR BULLS–Or how I learned to stop worrying and love the bomb!
1. We sold at the last peak.
2. You know what happened after that…housing skyrocketed.
3. We missed that.
4. Our half-house is now worth 165K more than when we sold. Ouch!
5. It was in a neighbourhood we hated. We decided to move every 2 years to try out neighbourhoods before we bought again.
6.. We moved. First into a crazy-expensive dream apt (condo) for a year. Unbelievable view.
7. We wanted to treat ourselves. We did.
8. We loved it but the drug dealers started moving in.
9. So it was more than OK to move out.
10. Got another condo rental. It was unbelievably unique.
11. Patio was under review when we moved in.
12. Patio repair was estimated at 6K and 6 weeks.
13. Patio repair cost landlord 11K and took 8 months. Our rent was reduced. It was one of two patios so no biggie.
14. Landlord had just paid 6K for last year’s repair.
15. We moved out on 2nd year, windows were leaking. Est. repair for building 11K-17K each unit. Plus front walkways were put on hold by 3 years of repair. Majority owner in building refused all repairs. Lawyers might have been needed. We moved.
16. Now in City managed building in OV. Great apartment.
17. Remember #4 above? “Our half-house is now worth 165K more than when we sold. Ouch!” Well, our money is now worth 433K more than when we sold.
18. We now know: no condos for us. We will get a 1/4, 1/3 or 1/2 house on the westside.
19. We know the neighbourhoods we like.
20. We are noticing this type of housing in price decline, albeit slow, as our money increases in value, slowly as well but outpacing housing.”
– mac at VCI 24 May 2013 11:31am