scrubbedexpat091

We haven't seen any new condo development in about 5 years here. Not since the building boom pre-Olympics. They are however starting several new town house projects, but the starting prices are 320,000 and up, so still out of the affordability ball park.

According to a local real estate agency, the market for condos has been flat the last few years. My wife has a co-worker who bought in 2010, and now they want to buy a house, but they can't until they get out of the condo they own, but they owe more then the units are currently selling for since prices have gone down since they bought.

There is significant demand for townhouses, detached homes and rental apartments (major shortage on the rental side) but doesn't seem to be much demand for condos.

I just am wary of buying a condo and the status quo continuing of stagnant prices and no up tick and getting stuck with a condo.

I guess in Vancouver condos are a good stepping stone and investment to get into a house?




Cheapest town house currently is 299,000 for a 17 year old townhouse, needs some upgrading though.

Cheapest house is 446,600 currently but it's a court ordered sold as is, needs a lot of upgrading. But it will sell for asking, everything here does or above a bit.


I mostly wan't to own so I can have the things I enjoy which would lead to a happier and healthier me, I just cant see any possible way in the lower mainland.

If we could find decent jobs, we would move, lots of cheap houses in the middle of the province, problem is they are in places where jobs are not going to be around.

The tight rental market is good for landlords, you can rent a 1bed room apartment out for 1,500-1,600 a month no issue. My wife's mom rent's the rooms out in her house and even she is getting 800-900 a month now. 18 months ago she couldn't find people at 400 a month.

scrubbedexpat091

When small is 200,000+ for a condo and 300,000+ for a condo, hard to buy small and upgrade, and that is our issue, nothing small to start in that is small, and of course time is not on my side, I doubt a bank would give a mortgage to a mid 50's couple trying to upgrade from a condo....

I'd love to move, but where housing is affordable, there are no jobs. The jobs are in the lower mainland for the most part and there is nowhere affordable within a reasonable commute.

Hope is cheaper, but no jobs, and 2 hours to Vancouver region, so not doable.

Moses2013

If you want to own a house with garden, why don't you look elsewhere (abroad)? I know many people are stuck on one location/one job, but what's the point if it doesn't really make you happy?

Shard

That's why the housing is more affordable in those places, because there is a lack of well paid work. And yet, people live in those houses and work in those towns.

scrubbedexpat091

They do.

I have no clue where the people work, but I imagine some like in Hope, people just end up commuting long distances which is not viable for a couple making 25 or 30k a year each. (hopeful income in the future, not current income.)

Now if I was making 60k alone, I'd be more willing to commute. I look at some of the small towns, and just have no idea how we would make a living and not have to be stuck in a dead end mind numbing job.

I've found a few spots on Vancouver Island, Campbell River for example that have more reasonable housing, just have to figure out if its a viable community that can provide income we need.

(*yes, I do know I live in a small town, and this small town would be dirt cheap if not for it's location and easy access to Vancouver. If we were 50km further away, chances are nobody would have much interest to live here. We do however lack jobs, and especially jobs making over 20/hr, gotta pretty much work for the government or school district for that, private employers are mostly low paid jobs, we have no large established well paying employers anymore.)

In Canada we are tied to BC due to disability system, we can't move out of province. Only country we could potentially move to is the US, but the healthcare system is not financially feasible.

Suppose we could move to the UK, wife has ability to live there, but not sure if I would like it, and if we would be any better off, but she would certainly love it, she loves the UK.

We have no ability to immigrate elsewhere since we are not skilled workers in anyway and few if any developed countries would accept us.

My dream country would be Australia.

Shard

Why Australia over the UK?

scrubbedexpat091

The natural aspects, I love reptiles and fish, and seeing them in natural habitat and Australia has plenty of both. Other then that just because I've been there.

I wouldn't rule out the UK, but I would need to visit and see the place before making my mind up either way. I am currently neutral until I have a chance to visit and experience the UK. I certainly can't make a decision without experiencing the UK first.



This is something you can get in Campbell River, looks a bit dated, but otherwise doesn't look super bad, and overtime with work, could be a very nice little house. Appears to have a decent yard.

1856 15TH AVE, CAMPBELL RIVER, British Columbia V9W4J9 - 388175 | Realtor.ca

(I have no idea what area of the city it is, but can't imagine Campbell River having super high crime or anything.)

I need to look at other communities on the Island as well. If on the main island, we would never need to come to the mainland so ferry costs would not be a concern.

Moses2013

There are many nice places, but Australia is also pricey when it comes to real estate. Personally I could live anywhere, as long as I don't have to live in a small apartment, because I need outdoor space. The UK certainly has a lot to offer and there are still many affordable areas away from London. Even in more rural areas, you can still find jobs if you are willing to commute and are flexible when it comes to work. I'm in the West of Ireland and the quality of life is great if you like scenery and space. I never struggled to get a job (Galway 20 mins away) and don't mind doing any kind of job as long as it pays the mortgage. I know many people who have bought now and you can still buy a 4 bed house with half acre close to the city for 150K-200K. Even in the city you can get semis with garden for 200K. You might get a bit less for your money in the UK, but still very affordable. I'm sure you would love the UK if you pick the right location.

Moses2013

Not UK, but in my area something like this could be bought with lake access for under 150K and not too far from city. With a bit of work could also be nice.

3 bedroom Bungalow For Sale, Rinnaknock, Headford, Co. Galway

Shard

Not so sure about that Campbell River house, I think even at that price point you mT be able to find better. A while back someone on BE bought a railroad cottage for 30K which seems an great deal. Alberta, though.

As Moses says, you'd probably like the UK if you chose the right place. No reptiles though!

KuroKuro

Cameron?

withabix

Typical Guardian shite.

God help Britain if Milliband gets in.

Moses2013

But there is Lizard Point and actually even the UK has 3 types of lizards (apart from Cameron).

Lizard Point and Kynance Cove - Visitor information - National Trust

If you can ignore the British press, the UK would certainly be an option for Jsmth321.

Shelley Bean

Hi! I'm a newbie - coming out of my lurking phase to join in on this conversation!

I wonder what everyone's thoughts are about Vancouver's property market compared to London (which is actually cooling this year). And whether you'd expect Vancouver to grow at a quicker rate?

My husband and I are hoping to move to Vancouver but it's probably 2 years away as we have just started the process of getting his nursing credentials assessed. We are are under no impression that Vancouver is affordable, but it's at least cheaper than London so we figured we'd do alright by selling our London flat and bringing over the equity. Now I'm worried that the gap is going to close in the next few years which seems illogical considering London has more reasons to support the high prices - but I'm just wondering if anyone with knowledge or experience of both cities has any thoughts?

Shard

Hello, and welcome to the participation side. Both London and Vancouver are expensive for property. You generally get a little more space for your money in Vancouver, so if you have London equity you should be able to find something that suits you. As for relative growth rates, nobody knows. My own view is that London will slightly outpace Vancouver over the next two years, but really, if you're looking to move, it's not something to get hung up on right now.