ziggyzag Posted May 21, 2012 Report Share Posted May 21, 2012 so i'm coming OOP to UBC and i want to know more about what i should watch out for when renting/buying a place wats the average rent for a place dt vancouver? does anyone here have experience purchasing a condo;s in the hampton/westbrook area? some of them are going for 350K which i was surprised cause it seems kind of cheap for vancouver. many of them are "leaseholder strata" anyone know what this means? What should I watch out for? Is it a good idea to buy a condo for med on campus? or is better dt Link to comment Share on other sites More sharing options...
medoc Posted May 21, 2012 Report Share Posted May 21, 2012 hey, I have a 4th year med student living in my geound floor suite woth a roommate paying $475 each with everything included. IMO, I would say renting a place with another student would be the economical choice to save money in the long run especially if you can find a place that comes with everything included. DT rentals can be quite expensive, one.of my friend is paying approx $1200 for 1 bedroom apt. Link to comment Share on other sites More sharing options...
technicity Posted May 21, 2012 Report Share Posted May 21, 2012 so i'm coming OOP to UBC and i want to know more about what i should watch out for when renting/buying a place wats the average rent for a place dt vancouver? does anyone here have experience purchasing a condo;s in the hampton/westbrook area? some of them are going for 350K which i was surprised cause it seems kind of cheap for vancouver. many of them are "leaseholder strata" anyone know what this means? What should I watch out for? Is it a good idea to buy a condo for med on campus? or is better dt I'm looking at this right now too... unfortunately it's a little early to actually find places to rent, but looking at various options. Many places at UBC are leasehold, meaning you don't own the land - you just purchase a lease for the right to use the land (most of the new developments I've seen are 99 years). I don't know a whole lot about it, but it is cheaper because you don't necessarily own the land, and when you sell, the purchaser gets the balance of the lease term (e.g., if you sell in 9 years there will be 90 years left on the lease) so it will be potentially be harder to sell. No idea what happens at the end of the term (presumably you renegotiate the lease?) but I'd guess that's in the lease terms. Link to comment Share on other sites More sharing options...
carolynH Posted May 21, 2012 Report Share Posted May 21, 2012 The real estate market is slowing down right now. If there's no new "hot money" coming in from Asia, this trend is unlikely to reverse in the near future. There has been quite a few price reductions lately. If you're thinking of buying, the down side risk is high, but at the same time, there are bargains to hunt for. Also, the condos in the UBC area near Wesbrook Mall/Western Parkway (right across from UBC Hospital) is quite preferred by renters. So you shouldn't have trouble renting it out when you no longer need it and if you don't want to sell. The Hampton area is further down and IMO most condos are older (hence higher maintenance fee due to more repairs) and they're not as desirable. One advantage about owning your condo is that you don't need to look for places every time your lease is up and your landlord does not want to renew. This happens often if you rent a condo from some private owners. Living dt is not very convenient when you have to commute to UBC but it's convenient for other social activities. Link to comment Share on other sites More sharing options...
The student Posted May 22, 2012 Report Share Posted May 22, 2012 I know of a 2 bedroom for sale near VGH that is close to the b-line to ubc and on the Canada line to SPH. Let me know if you are interested. Link to comment Share on other sites More sharing options...
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