I Sold My Condo… And I Didn’t Expect to Feel This Way About It
I never thought I’d say this, but I just sold my condo.And instead of feeling excited—like most people do when they talk about selling real estate—I’ve been left with mixed emotions.Because when I bought that property in early 2021, the plan wasn’t to flip it or cash out early.The plan was to hold it for decades.The Original Plan
Like many investors, I had a very clear vision.This condo was supposed to be:- A long-term rental
- A retirement income stream
- A hedge against inflation
- Maybe even a stepping stone for my kids one day
Buy it, rent it out, let time and tenants do the work.At the time, the numbers made sense.We leveraged low interest rates—borrowing the down payment through a HELOC and locking in a mortgage under 2%. The expectation was modest: break even, maybe a little cash flow, and let appreciation do the heavy lifting over 15–20 years.But then something happened that I didn’t fully anticipate.
The Market Moved Faster Than Expected
Within 12 months, comparable units in the same building were selling for nearly $200,000 more than what I had paid.Looking back, that was probably the moment to sell.But I didn’t.Because I wasn’t thinking short term—I was thinking long term.And that’s where this story really begins.When the Plan Starts to Break
Fast forward a few years, and the cracks started to show.My original tenant eventually moved out. That’s normal.But what came next wasn’t.At the same time:- My mortgage was coming up for renewal
- Interest rates were jumping
- Property taxes and strata fees were increasing
- And the market was starting to decline
The Rental Market Reality
When I put the unit back up for rent, I expected some adjustment.What I didn’t expect was how dramatically the tenant pool had changed.There was a noticeable shift—not just in demand, but in quality and fit.And this is where I’ll be honest, even if it’s uncomfortable:Being a landlord is a partnership.You provide safe, quality housing.The tenant provides stable income, reliability, and care for the property.And in this case, that balance just wasn’t there.The applicants I was seeing didn’t align with what I was comfortable with—either financially or practically for the space.That was a turning point.
The Bigger Picture: Policy and Pressure
At the same time, the environment for small landlords in British Columbia has changed significantly.Over the past few years, we’ve seen:- Increased tenancy regulations
- Longer eviction timelines
- Stricter penalties
- Airbnb restrictions
- Ongoing pressure on private landlords
The Decision
So I had to ask myself a simple question:Is the juice still worth the squeeze?Between:- Rising costs
- Declining rents
- Increased regulation
- A weakening tenant pool
- And a softening market
The Sale
I listed the property in early February.After preparing it properly—with cleaning, staging, and pricing aligned to the current market—I received a strong offer within two days.That’s an important point:👉 Even in a down market, well-positioned properties still sell.Despite the market decline, I was still able to walk away with a solid return—roughly doubling my initial investment over five years.So financially, it worked.But that doesn’t mean it was an easy decision.What I’m Doing Instead
Selling wasn’t just about exiting—it was about reallocating.The plan now:- Offset capital gains with an RRSP contribution
- Maximize TFSA contributions for future tax efficiency
- Potentially reduce personal debt
- And most importantly, position for the next opportunity
My Take
This wasn’t a panic sale.It was a strategic one.Real estate is not just about buying and holding forever. It’s about understanding:- Timing
- Market conditions
- Risk
- And opportunity cost
- Prices
- Rents
- Cash flow
- Or regulatory conditions
Final Thought
Will this property be worth more in 20 years?Probably.Will there be another boom?Almost certainly.But investing isn’t just about being right eventually.It’s about making the right decision today, based on the information in front of you.And for me, right now, selling was the right move.Written by:
Steve Karrasch PREC
Karrasch Real Properties Team
Macdonald Realty