Real Estate in Vancouver
After finding more and more mold growing in our otherwise ‘ok’ rental in East Vancouver, I have just about had it and now would love to buy a place.
Yeah right!
We don’t even know if we can afford ANYTHING.? We hope to speak to a broker soon, but the whole thing depresses the hell out of me.
For one thing, the prices in Vancouver are a total joke. ? My grandfather recently sold his 60 year old? East Van house for over $600K.? ? It boggles my mind.
It boggles my mind that I don’t even blink or think $390 is a deal!? In CLOVERDALE!
I am not knocking Cloverdale either. ? It is nice out there.? But really.? The prices are insane.
After looking at a couple of town homes that had caught out eye, we drove aimlessly for a bit and? was boggled by the amount of new homes being built, sold or on sale (who knows how many times).? ? So we stopped at a couple…charming 4 bedroom detached homes with asking prices over $600k.? ? And yes, on the surface they were ok, apart from being crammed in like sardines.? But then when you looked at the quality of the finishes and how cheap the product that was being used…..it really made you wonder at how the rest of the homes were built. And people were willing to spend ALL that money!?
If there is a bubble…you have to wonder when it will burst.? If it isn’t…then you have to wonder a) what sort of incomes Vancouverites are making to pay for these places and b) just how stupid they really are.
A home is only an investment if it isn’t going to fall down in 25 years and if there is still a demand for said house.
I can’t see half of these places lasting that.
Tomorrow I will chat with a broker and see what sort of mortgage he can get us.? I ain’t holding my breath.? ? ? But then again, you have to wonder.? Not everyone can be earning over $100K, which is about what you need these days, realistically.? So the banks/lenders must be pretty relaxed these days.
Fingers crossed folks.
We will keep you posted.
Tags: BC
3.4.07 at 6:34 pm
Quiltie comments:
isn’t it scary? driving into Vancouver and passing the most run-down looking houses with for sale signs and you just know you are looking at at least 600K. and than these massive houses are being crammed onto these teeny tiny lots and you end up with no yard. makes me very happy that with hubby’s job, we can live way out here and pay under half for what condo’s go for and have a great sized yard for the kiddlets and room for all of us. and saying that, in the 3.5 yrs we’ve been here, our house has more than doubled in value and to look at moving up-its scary lol!
3.4.07 at 10:20 pm
Heidi comments:
Hey - thanks for dropping by and yes I’d love to join WCW. I stumbled upon it through another blog and found it to be most interesting! Great way to connect, especially after just moving to the area! Which leaves me to comment on your post regarding the Vancouver real estate. We just went through the whole thing and ended up in Maple Ridge…we found it to not only be less expensive, but it really is a nice place with new subdivisions. I believe the market here will sky rocket once that new bridge is finished. Maybe some food for thought? And also another selling feature to this area was the commuter train, as my hubby works right downtown Van and it only takes him 50 min. total (including driving to the train station and waiting for the train!)
Thanks for offering to add me to the site! Looking forward to connections.
Heidi
3.5.07 at 12:50 am
smalltown RN comments:
I hear you sister. Housing prices are scary everywhere. Where I live the property and house went up over $300k in less than a year! I live on acerage mind you but I mean really. I know there are a lot of things that affect the market, but this is just crazy. The townhouse I lived in Burnaby sold for $300k 2 years ago and it was 25 years old! Before you now it, it will be like Japan. Living in highrises with suites 300 sq ft costing as much as a house.
I truly wish you luck with the broker. Just be careful with the broker fees if they go to a private lender the fees can be astronomical!
3.5.07 at 8:48 am
Laura comments:
Hey it sure is scary when you’re interested in getting into the real estate market isn’t it? I can relate - my fiance and I want to buy within 2-3 years, but we’ve been saying that for a couple years now! It’s so hard to save up a decent down payment percentage when the total prices are so ridiculous.
On the bright side, I actually work in real estate consulting, and there are signs that the bubble is not bursting exactly, but it’s starting to deflate just a little. In our last review of the condo market at work, we found that prices are still higher than the last time around but they are not rising as quickly anymore, and presales of new construction units (presales means units that sell before construction is finished) are taking significantly longer to sell than they have been in past. It’s still a seller’s market but the wind is changing. Makes me happy.
3.5.07 at 10:56 am
crunchy comments:
I have a friend in the Real Estate consulting biz too….very interesting work…he just joined his dads biz and loves it.
I cannot stand the condo glut and greed in this city..I think a lot of people are going to be left with ‘investment’ property that doesn’t make them any money.
I do think it is evening out too.
There was sooo much for sale yesterday..that if you don’t get one a similar one will show up.
For folks like us that need space it is hard.
3.5.07 at 6:59 pm
Andrea comments:
that is why we bought at our end of the valley - it was the only place we could afford. Where abouts would you like to see yourselves living? I work for a construction firm who is taking full advantage of the condo craze in surrey. sold out in two months! it was crazy!!!!
3.5.07 at 8:32 pm
B comments:
in 1997 i bought a townhouse in North Burnaby, i sold it in 2003 for 235,000 and just for the heck of it, checked recently to see what the t/h’s were going for now… and was sickened that they are now selling for 400,000! the place is in NO WAY worth that !!!
i too wonder sometimes whether or not i would ever buy a place again specially since i am lucky i get to live downtown rent free ! i hope that the bubble does burst, a lot of those Vancouver homes only have property assessment value in the land, not the actual structure.
3.5.07 at 8:35 pm
B comments:
PS, i worked for a mortgage brokerage for a while (almost became one myself) and i have to say a lot of people out there are OVER mortgaged to be able to afford their LIFESTYLES ! 2nd and even 3rd PRIVATE high interest mortgage rates are not unheard of… all that money every month just to live in vanity is sick!
3.5.07 at 8:48 pm
crunchy comments:
Oh yah…our broker called us today and basically said that we could have any amount we wanted….and if we could come up with a 15% down, even better…good luck with that!
But that would mean probably well over $2K a month if we were looking at something around $450K….that is a sadly a HUGE chunk of our income….
So we would have a nice house but could do nothing and barely get by.
Oh and A…we so far have looked around Cloverdale and area…we have friends out there. But my hubby would really rather stay in town.