I have been out in British Columbia on business, and naturally I just had to look at the prices of condos. Last week I was in Whistler and I had heard how expensive properties are there. When I came across a condo for $187,000, I could not believe my luck. However when I read the small print, I learned that the buyer only got to use the unit for 28 days in the winter and another 28 days in the summer. The rest of the time, the property is in the accomodation pool. And the realtors tell me that there is little cash flow left over for the owner from the hotel operator. That means you are buying a 15% interest in the property for $187,000. When you do the conversion, the price is OVER $1.2 million to own it outright. And this is just a small two-bedroom unit. Just what I thought prices were like before my visit.
Driving back to Vancouver, I had a chance to look at waterfront condos Downtown. They are pretty nice but you can expect to pay from $800,000 to well over $4 million. In Toronto, great view properties start at $400,000! You want a 'starter' condo in Vancouver - you know about 500 square feet - well you can pay $350,000. In Toronto you can find the same sized units for just over $200,000.
Anyone think Toronto prices are too high? Anyone want to talk about condo prices in other cities you have visited? I would love to hear your comments.