Last December a new B.C. government directive went into effect, requiring condo buildings to prepare a depreciation report that gives prospective buyers details about expected long-term expenses or problems. Despite the new rule, only about one quarter of the stratas across the province have commissioned depreciation reports so far.
Buying a home marks the true end of youthhood. You're ready to put down roots now, to establish yourself, to mark your territory. But have you seen what a modest house in a barely decent neighbourhood anywhere even remotely near a metropolitan area costs these days? There is no way you have anywhere near that much money, which means you have to borrow a lot, from the bank. I'm not here to excuse homebuyers who have trouble paying their mortgages, but I think I can at least explain their thinking. The point is that while buying a house is quite clearly a momentous financial exercise, it is very much an emotional one, too.
Since the early 2000s, condo development has helped change the skyline in Canada. People from all demographics are choosing to live what I refer to as "the condo lifestyle." If you are thinking about joining this growing crowd that prefers parking underground and chooses location over square feet, here are some tips to implement while shopping for your next home.