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Originally Posted by Nathan
I understand what you are saying and it does definitely make sense, but I just have a hard time believing they would set the price-point that low off the start. I suppose it's more of a "too good to be true" belief on my part. I've wanted to live downtown for a long time now... and now that I'm done university and starting working life, this is coming along at about the right time for me to have a bit of a down payment saved up, and something that affordable at this time, in the area I want is sort of crazy. Here's to hoping though.  |
The model they seem to be following is the one from larger cities where buyers are enticed to get in early and buy multiple units in the hope of flipping one, renting one out, and using the profits to keep one. It's a model that worked for some buyers, but is quite risky and has since gone sour in many places.
They probably see Regina as fertile ground to work that same model. They seemed like a lot of their knowledge about the city and market was gleaned from statistics or googling which doesn't always tell you the true character or history of things.
If you are 'in the market' so to speak, you're a good sample point. How much would you be willing to pay for a 1+1 unit that's say 750 sq ft? (Generally shouldn't be more than 3x your income.) Also how much per month would you be able to devote to total living cost (mortgage, tax, utils, maintenance, insurance)