You can maybe make an argument for buying a house, lots of intangibles.
But condos are an awful idea, the math always stays the same. Right now it makes zero financial sense to purchase a condo.
$330,000 purchase price.
$310,000 mortgage - $1330 a month
Maintenance fee - $220 a month (or more)
Taxes - $110 a month
Water/Garbage - $40
Total - $1700 a month.
That condo will rent anywhere from $11-$1300 a month.
Over 5 years it will cost $24,000-$36,000 more to own the same unit as it would to rent.
The best part is it will cost you $46,000 dollars over 5 years to borrow that money.
$770 dollars a month goes towards servicing interest - renting money.
This doesn't include any opportunity cost on the downpayment, or compound interest on the savings.
The upside? Potential for appreciation, and equity growth. Call it an extremely expensive forced savings plan. And if you think that buying will help you climb " the property ladder" - think again. That ladder is missing about a dozen rungs in the lower mainland.
Notice that condos and attached have been flat for about 4 years.