Condo prices are dropping. Something is going on because 416 average is down to 519k , remember it peeked at 578k in april.rjg4235 wrote: ↑Jan 12th, 2018 1:50 pmI never said you should buy it though. I said it's hard to imagine the prices would plummet given the rent they get. What do you think is going to happen rent drops? Or do you think you will be able to buy one of these places for $350k and rent it for $2500?
Also $550k with $100k down (which is actually impossible because you need 20% minimum but whatever) and a 30 year mortgage is like $1800 a month mortgage. How you get to it being $1000 negative is magical.
The rent cheque + expenses won't make up for that and clearly high rent is not helping enough to keep average price from falling.