Vancouver RE: update
 

got this in my email today, thought it might be useful for expats here:

Re: Vancouver RE: update
 

Crikey it's not cheap to live there.

*wins understatement of the year award*

Re: Vancouver RE: update
 

August is typically the most expensive time of the year to buy, so that has probably inflated those prices a bit. The averages are a bit misleading too, there are certainly decent homes available in Langley for a $100k less than the average listed there

Re: Vancouver RE: update
 

it's not listing the average price, rather the median. Don't know why.

Re: Vancouver RE: update
 

I think the median is more useful than a mean in many cases. Near where I live houses on the ocean side of Marine Drive sell for c $10m, and on the land side $1m. Knowing the average price is $5.5m is no use to someone wanting to spend either $1m or $10m.

In South Surrey/White Rock there are a lot of houses in the $750k - $1m range. As mentioned, waterfront is considerably more expensive, and there is a house in Ocean Park that I know cost over $70 million to build. I have no idea what it would sell for.

The information sheet shows the median price in this area for a single family home at high $800ks. I think that is a useful number for potential buyers. Given the distribution is skewed by a relatively few number of super expensive homes I think the arithmetic mean will be quite a bit higher.

Re: Vancouver RE: update
 

good point about the median, JBE.

I think the median is about right for my neighbourhood.

it's clear condos/townhomes are much cheaper, wherever you are.

Re: Vancouver RE: update
 

They can also me cheaper to live in as well, Strata fees often work out less than paying property taxes and routine maintenance, unless you have a greedy Strata.

As much as I would like a proper detached house, me and the gf are facing the reality that a townhome maybe our best option financially, even though I dislike them from a city planning perspective.

Still would love to get a fixer upper (or to use the affectionate realtor terms "Old Timer" and "Character") detached house. There are some detached homes in Langley for around the $450k mark. I do feel like there's more equity to be made there than in a townhome. I expect newer townhomes will probably have a flatline value for the first 5-10 years.

Re: Vancouver RE: update
 

You still pay property taxes if you buy a condo or townhouse. They are not included in the strata fee.

Fees are often higher in new developments because the strata council has to build up a cash reserve. You hope that the strata council gets some professional advice on planned maintenance and sets its fees accordingly. It doesn't always happen though.

Re: Vancouver RE: update
 

Is it not reduced though because the Strata covers things like recycling and garbage?

Re: Vancouver RE: update
 

Not all city's pay for garbage pick up and recycling through taxes, some charge a monthly fee for the service.

Re: Vancouver RE: update
 

Property tax is separate from city utilities. Garbage, recycling is billed separately to property tax as is water and sewer in some municipalities.

Re: Vancouver RE: update
 

low strata fees would be a red flag to me...it often means they are deferring necessary maintenance/upkeep which means there'll probably be a big fat assessment down the line...

Re: Vancouver RE: update
 

just curious - why do you dislike them from a city planning perspective?

Re: Vancouver RE: update
 

Townhome complexes are usually enclaves separated from the rest of the community, with limited entry/exit points. They appeal to people for their quietness, and often have names like "Village" and "Park", which lures people in. In reality however their compact nature offers very little privacy, the landscape features of the complex often cut it off from everything in the surrounding community, meaning actually walking by foot somewhere can be a drag, you may have to backtrack to get out the complex and then walk to the shops, and of course, each of these complexes has it's own "identity", isolating it from other nearby ones. This and the fact all units inside the complex are going to be roughly the same price range, meaning a certain category of people will fill up the entire complex, discourages neighborhood life - there won't be a healthy mix of retirees, young people, middle ages people, families etc, just one "type" of person. By having each complex separated in this way, instead of being on the general grid system, although it may look nice, it does not build a healthy community in my opinion.

Re: Vancouver RE: update
 

Was talking to a Realtor a few weeks ago who is one of the top earners in Vancouver and he is suggesting of record that the market is heading for a massive fall and he was making the best of it before the bubble bursts and he has a few lean years.
So be careful if your thinking in buying now.