can anyone suggest a good place to start with condo hunting? i'm so innundated with info rite now i feel lost ..

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Palm Trees > Pine Trees , Sand > Snow

you can search on the MLS yourself by area, price range, etc. (www.mls.ca)

most new developments have websites with floorplans and further info...some even include price lists.

honestly, I'd speak with a good real estate agent who knows the area and the buildings fairly well...even if you're going to buy a new unit right from the builder. They can set up an automated search that will email you MLS listings for buildings in your area and price range of choice.

when you're ready to buy, any offer should at least be made conditional upon your obtaining financing. For existing buildings (especially older ones) also making it conditional upon a review of the condo corporation's financials by your lawyer is a really good idea.

quote:

Originally posted by magikb In Alberta and BC the values for properties are through the roof.

you can make $15/hour working at Tim Hortons in Grande Prairie, AB.

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hello thar

quote:

Originally posted by MarkT you can search on the MLS yourself by area, price range, etc. (www.mls.ca) most new developments have websites with floorplans and further info...some even include price lists. honestly, I'd speak with a good real estate agent who knows the area and the buildings fairly well...even if you're going to buy a new unit right from the builder. They can set up an automated search that will email you MLS listings for buildings in your area and price range of choice. when you're ready to buy, any offer should at least be made conditional upon your obtaining financing. For existing buildings (especially older ones) also making it conditional upon a review of the condo corporation's financials by your lawyer is a really good idea.

thanks for the info .. i'm also considering the location (for obvious) reasons as well since I don't know how long I'd plan to live there and would of course like something with some resale value. Would you suggest maybe holding off until the market cools down a bit or does it seem like there's no abating for a while.. ?

oh yeah, and one other thing, i'm also considering a 2 bedroom so I can rent out the other room to help pay down the mortgage, but i know that certain developers have rules against using the unit as a rental property, but i'm not too sure if this applies if you're living in the unit yourself as well..

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Palm Trees > Pine Trees , Sand > Snow

the builder won't care...your bank may. As long as the owner (or the owner's immediate family) lives there as well, it's usually not an issue and not classified as a "rental".

I think a 2 bedroom is a much better investment than a 1, in terms of resale value...I want to go that route as well, if possible (minus the tenant, but TBD)

as for waiting...I dunno. Prices just shouldn't be going up as much as they have been in recent years, but they will continue to rise. I've seen some *crazy* increases in as little as two years, but that should settle down.

my other recommendation...strongly consider a variable rate and don't settle for anything worse than 0.85% or 0.90% below prime. Those are readily available rates. Prime seems to have hit a ceiling at 6.00% and CIBC analysts are calling for a 0.50% drop by the end of 2007. .

Stats show that a significant majority of people (almost 90%) who stick with a variable rate mortgage do better than those who go fixed or alternate back and forth. You just have to be prepared to ride the ups and downs.

yeah it's a good suggestion. I already work for TD and had been considering a variable for some time given the trends with prime. I juss have another property i need to get off before i can look into anything new. the 2 bedroom is a must. i can't imagine how anyone manages to get by in those tiny 600 sq ft. bachelors ..

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Palm Trees > Pine Trees , Sand > Snow

any free tickets for the condo show?

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Originally posted by MarkT ^^^ me too, but I'll believe it when it happens... October is going to be my best month ever here...by 20%. "crash"? whatever...not going to happen. correction? yes. We should see slower appreication on condos and a healthy supply of resale condos in the not-to-distant future...supply is still being met my demand...go to most new developments and see how fast the units are being gobbled up...it's ridiculous! Calgary and Edmonton seems to be worse, btw...people have lined up OVERNIGHT for grand openings, lol!

How do you think real estate agents will fair? I my mom is an agent, and I am worried about her business prospects for the next couple of years. How is the market looking in general?

i have a bunch of 2 for 1 tickets for anyone who wants them - please pm me

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"For attractive lips, speak words of kindness. For lovely eyes, seek out the good in people."

quote:

Originally posted by girllovingtvibe i have a bunch of 2 for 1 tickets for anyone who wants them - please pm me

dayumm Penny, i woulda, but i'm gonna be in Cuba that weekend!

are you goin tho?
(or better yet, come to Cuba with us!!)

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Palm Trees > Pine Trees , Sand > Snow

fuuuuuck, I think I'm going to be out of town now.

but Mark Farina @ Stereo > the condo show


Orko, I think good agents with an established client base won't be hurting too bad, even if there was a huge downturn (which there won't be). Overall sales are still quite high. Half the people buying new builds don't use a realtor anyway...so as long as the resale market remains alive, good agents will do well.