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misery at Vancouver housing cost?

misery at Vancouver housing cost?

Old Sep 17th 2015, 7:43 am
  #196  
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Default Re: misery at Vancouver housing cost?

Looking at MLS seems everywhere we could afford are fixer uppers, so question then becomes, do 2 people who don't know how to build things, put flooring in etc, go for a fixer upper and attempt to fix said house up......

Cranbrook had a bit of a few in decent shape, kamloops not much unless you got to be 45 mins out, not sure how bad the commute is in that region and if commuting to kamloops is viable.

Campbell River has some in need of a lot of work fixer uppers but they are nowhere to being close to livable until repairs are done.

Lots of time to find the right part of the province, if one didn't need to work, lots of small places in BC with really affordable houses, but the trouble is the commuting to get a job since those places seem fairly distant from employment.
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Old Sep 17th 2015, 3:43 pm
  #197  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
Looking at MLS seems everywhere we could afford are fixer uppers, so question then becomes, do 2 people who don't know how to build things, put flooring in etc, go for a fixer upper and attempt to fix said house up......
Are there any where the fixing up is only cosmetic or needed only to get a good price on re-sale but they are actually habitable with very many people living perfectly contentedly similarly?

I imagine there may be some who describe a house as a fixer upper because the kitchen doesn't have an island or the bathroom has a bath but no actual shower.

Sometimes today's "needs updating" becomes tomorrow's "original features"
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Old Sep 17th 2015, 6:38 pm
  #198  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
Cranbrook had a bit of a few in decent shape, kamloops not much unless you got to be 45 mins out, not sure how bad the commute is in that region and if commuting to kamloops is viable.
Kamloops commuting is a breeze. I used to drive 28km to work, it took under 25 minutes.
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Old Sep 17th 2015, 6:41 pm
  #199  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
We did talk to Van city today, based on current income and situation we would not qualify for a traditional mortgage which is what the other banks and mortgage brokers have said.

Van City has a mortgage they call spring board that is for low income people living in non-profit housing which we do. Van City provides 20% down payment and mortgage which is based on your current rent.

The initial term is locked in for 10 years, where 80% of the payment goes to the down payment pay off, and 20% goes towards the mortgage, after the 10 years the remaining terms are like other mortgages are as the down payment is paid off.

We are not in a position to utilize this program at the moment, but unless our income goes up substantially this might be the only option for us to own.

But how knows, was worth the time with them to learn more about it.

The house has to be in BC as they don't finance outside of BC.


If you sell in the first 5 years there are substantial penalties, if you sell from year 5 to year 10 there is a 3 month interest penalty, year 10 onward no penalties.
That sounds like a good scheme. Why are you not in a position to utilize?
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Old Sep 17th 2015, 7:40 pm
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Default Re: misery at Vancouver housing cost?

Have to save closing costs and also figure out exactly where we want to go and such. We don't want to rush. If we had closing costs we could do it now of we had a good idea of where to move we want to visit locations and not rush.

Bristol- from what I can tell and what the listing says looks like a senior lived in most and never updated anything but still living in them or they have renters in them.

A few are complete dumps though.


Originally Posted by Shard View Post
That sounds like a good scheme. Why are you not in a position to utilize?
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Old Sep 17th 2015, 8:42 pm
  #201  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
Bristol- from what I can tell and what the listing says looks like a senior lived in most and never updated anything but still living in them or they have renters in them.
A few are complete dumps though.
I suppose with the prices over that way, cheap may well mean dump.

Over the back of us was a house for sale. About the same price as that other one I linked but quite a bit bigger.

It was advertised as needing bit more than fixing up, but it had been lived in the whole time we've been here.

From the photos it seemed the decor was 90% of the problem. Just painting all the walls would have made a huge difference.

I think it was snapped up in two weeks.
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Old Sep 17th 2015, 9:04 pm
  #202  
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Default Re: misery at Vancouver housing cost?

Most in our range in any good sized city will be a dump but outside of those areas in small towns more options acailable. Will take a lot of research and visiting places to get a feel. We eliminate the entire lower mainland and Squamish right away though....


Originally Posted by BristolUK View Post
I suppose with the prices over that way, cheap may well mean dump.

Over the back of us was a house for sale. About the same price as that other one I linked but quite a bit bigger.

It was advertised as needing bit more than fixing up, but it had been lived in the whole time we've been here.

From the photos it seemed the decor was 90% of the problem. Just painting all the walls would have made a huge difference.

I think it was snapped up in two weeks.
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Old Sep 17th 2015, 10:00 pm
  #203  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
Have to save closing costs and also figure out exactly where we want to go and such. We don't want to rush. If we had closing costs we could do it now of we had a good idea of where to move we want to visit locations and not rush.

Bristol- from what I can tell and what the listing says looks like a senior lived in most and never updated anything but still living in them or they have renters in them.

A few are complete dumps though.
Fair enough. Anyway, good to see that slowly but surely you are progressing.
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Old Sep 17th 2015, 11:20 pm
  #204  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Shard View Post
Fair enough. Anyway, good to see that slowly but surely you are progressing.
It's not going to be an overnight thing, have to pin point a few area's we like that have houses that pop up in our range that are in decent enough condition to live in and not a total crud hole...

It won't be the easiest task, but it's a big province and we only need to be within 45 minutes or so from a decent sized place so we have a chance at jobs.
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Old Oct 10th 2015, 9:54 am
  #205  
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Default Re: misery at Vancouver housing cost?

A town house across the street sold in Dec/2013 for 270,000 just recently sold for 419,000. Not a bad increase if the person selling is the same one that bought it in Dec 2013.


They are building town homes like man now, went from nothing being built to a ton being built, too bad none of them are affordable, 330,000+.
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Old Oct 10th 2015, 1:20 pm
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
A town house across the street sold in Dec/2013 for 270,000 just recently sold for 419,000. Not a bad increase if the person selling is the same one that bought it in Dec 2013.
Nice profit...although they may have to pay a similar amount extra if buying somewhere else to live so there may not be much overall difference.
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Old Oct 10th 2015, 3:40 pm
  #207  
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Default Re: misery at Vancouver housing cost?

Originally Posted by BristolUK View Post
Nice profit...although they may have to pay a similar amount extra if buying somewhere else to live so there may not be much overall difference.
True, all depends on if it was owner occupied or an investment property that was rented out. A lot of investment properties are being sold now which has created a major shortage of rentals, but investors are turning nice profits if they bought before 2014 when prices skyrocketed nearly overnight.
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Old Oct 10th 2015, 3:59 pm
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
A town house across the street sold in Dec/2013 for 270,000 just recently sold for 419,000. Not a bad increase if the person selling is the same one that bought it in Dec 2013.


They are building town homes like man now, went from nothing being built to a ton being built, too bad none of them are affordable, 330,000+.
Weren't you previously saying condos in Squamish don't rise in price ??
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Old Oct 10th 2015, 5:11 pm
  #209  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Shard View Post
Weren't you previously saying condos in Squamish don't rise in price ??
Condo's haven't moved much price wise compared to single family houses and town houses.



Squamish is a fairly young town with a lot of couples with kids, so the demand is for town houses and single family homes.
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Old Oct 10th 2015, 11:17 pm
  #210  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
A town house across the street sold in Dec/2013 for 270,000 just recently sold for 419,000. Not a bad increase if the person selling is the same one that bought it in Dec 2013.
Must be more to that.
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