Mrs. HHV moved to Vancouver. She found a rental in the West End, exactly one block from Stanley Park. It's a beautiful, character one bedroom apartment. Great building, great location, wasn't the easiest search, but it took only a week and she got the place and it's about as perfect as one can get for a rental.
We pay $900 in rent, $25 for parking, $25 for hydro and $50 for cable/internet. This is more than we paid in Victoria at our old place by about $100 per month (I still live in Victoria, but found a zero rent family place). The place is about 100 SF smaller than our old place, but at 650 SF is big in relative terms for a one bed suite.
Let's take a look at the competition: MLS # V701479. 508 SF at $284,900. $125 Strata fee, roughly the same $100 per for bills, plus mortgage of $1650 (25 year amortization with 10% down) for a total of $1875 per month compared with $1000 per month for renting a slightly larger place on a slightly better street in the same great neighbourhood of town.
Ask yourself if you'd rather have that $875/month invested in a rapidly building condo market that is demonstrating some economic cracks or in something safer, like say, a balanced mutual fund? We did, and even in this market, renting won.
I'll be back in Victoria in the next week or so (politics ended my trip to the top of the world prematurely) and will continue this blog's focus on the Victoria real estate market in these most interesting of times. Thanks for the great commentary in the previous post. I haven't read them all, but it looks like this blog didn't die a fast death after all.