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Condo To House. Now Is the Time!

Lack of condo inventory and a steady increase in the prices of apartments and townhouses throughout the Tri Cities lately may present an opportunity for people wishing to finally make the move from strata to a single family detached home. I can't remember the last time I've seen this small of a gap between single family homes and apartments/townhouses. Here's an example: Dick and Jane bought their first home in Coquitlam, a 2 bedroom apartment  for $300,000 4 years ago. Their condo is now worth $600,000. They may be able to find a home for $900,000 in Port Coquitlam that has a rental suite below. The suite may rent for $1200. This $1200/month will more than cover the $300,000 extra mortgage they will be taking. Since they have over $300,000 in equity in their home now, they should qualify. They will also not have their $250/month maintenance fee (although houses require upkeep too!), so their monthly payments will be less than they currently have in their apartment. This is a crude example, and doesn't factor all costs (increased property taxes for houses, etc..), but... in my opinion, if you're looking to get into a house, NOW'S THE TIME!