Quote:
Originally Posted by Beedok
Some people just need a place to live, rather than interest in investing.
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Oh absolutely. But my point is you don't need to own to have somewhere to live. I just don't get why you'd purposely buy an expensive condo on the outskirts of town where you have to drive everywhere in a shoebox. You can live somewhere better for much cheaper, and much less to deal with by renting with all of the benefits of this location. I think some people obsess over ownership too much, and may not be making the best choice. I'm the first to say that while I hate condo living, I see why many like it, but I can't see anyone buying out here without thinking they're "getting into the market". But usually when you're getting into the market, you need to actually be
in the market. Buying a $450,000 condo that's worth $480,000 in 5 years is not really in the market, that's leaving you worse than if you had just rented.
I think the demand in this location is largely from investors cashing in on renting to seniors. So it's not really as rosy as people are making it out to be. Whatever floats your boat I suppose for people buying. If you're getting in the market, your aim is to buy housing as an investment. If you're a senior, retired, I suggest renting to simplify things and have liquid assets.
Also to be fair to downtown Hamilton condos. Many are in really rough shape, both the units and the amenity spaces. Meanwhile the condos outside central Hamilton are better maintained. Condos bought downtown Hamilton are filled with people who bought like 20 years ago for $30,000. Same goes on my street. There are unemployed people living in houses worth $1,000,000+ today. Difference is in a condo they're very close to you.