Re: 700k budget
 

a townhouse/condo might be a better option then? Not as $$$ as single family and would give you more choice about where to buy.

Re: 700k budget
 

I believe that the only disadvantage, per se, of townhouses is it is usually a strata set up. Therefore, one doesn't have full land ownership, and there are strata fees. But as ExKiwiLass says, it is usually a lot less money upfront.

Re: 700k budget
 

Depends on the setup of the townhouse and how it's managed; worth looking into the specifics.

For example, I had cousins who lived in a gated townhouse community. They paid a monthly fee for things like snow removal and maintenance of the public greenspaces in the area, as well as a little playground. Each owner owned the land the townhouse was on, and they were responsible for keeping it manicured. They could garden or plant as they wanted. The only exterior work that was covered was the roof, since they wanted the roof to match across the whole townhouse block, not to have each unit doing their own thing - bit tough to only replace a section of a roof anyway. EVerything else exterior was the responsibility of the owner, including the windows.

Some are more strict or have higher fees and cover more, others cover very little. So it just depends on the setup. :)

Re: 700k budget
 

Very informative. And interesting. Thanks.

Re: 700k budget
 

It depends on your province how these things are set up legally. In BC townhouses can be strata (most common), freehold row homes (not common) or fee simple which sounds like what schnook described. It pays to do your homework because each type has different ramifications for you as the property owner.

Re: 700k budget
 

We were up at Silver Valley (Maple Ridge on way to Golden Ears Park) today having a look around at houses generally.

They've done a good job up there in terms of leaving forest greenways between the developments and there are excellent views from some of the best lots.

Seems to be a good location and 20 minutes to HW1 via Abernathy Connector and Golden Ears Bridge.

$700k would get you an excellent house up there.

Re: 700k budget
 

I do Coquitlam (The bit squeezed between Port Moody and Port Coquitlam towards Westwood plateau in any time between 35 and 55 minutes. It isn't as far as you think......

Re: 700k budget
 

I think the OP should get a move on quackish. With what's going on in Hong Kong at the moment I suspect that the Vancouver housing market may have a perhaps unwanted new inflow of offshore investment.

Re: 700k budget
 

Or maybe you are just rude, Shard?

Re: 700k budget
 

Thanks, I have been looking around. So we are liking places near nature but Coquitlam seems a bit far

Townhouses are affordable at this budget, as are condos, but I still wonder about the retention value (something theoretically ignored for home buyers)

I saw a CBC article where one woman said house prices in Vancouver are perfect. Some people are pretty obnoxious...

Does anyone else know if it is true that condos and townhouses don't retain their value, only single family homes i.e those with land, appreciate considerably?

Re: 700k budget
 

Do you really have to throw your toys out of the pram twice?
See post #14.

Re: 700k budget
 

You are right that it is land that is valuable. Buildings eventually deteriorate. However, good maintenance can go a long way to postpone the deterioration for many, many years. When buying strata property it is wise to check that planned maintenance is carried out, what major projects are on the horizon, and if the strata has sufficient funds to carry these out. If it doesn't maintenance gets pushed beyond "should be done by" dates or the owners get an assessment.

In a strata development you do own the land in a round about way but collectively with the other owners. Therefore you still benefit if land prices appreciate. However, there are so many price drivers in a market like Vancouver that I would not worry too much about the relative rates of appreciation (or depreciation) of single family lots vs strata ownership. When the market is hot all properties seem to go up. When it is weak all properties go down.

As always with real estate (and most other things) it is a question of supply and demand. If someone builds too many condos their relative value will decline but I don't see this at the moment. Long-term I don't see any sign of a significant decline in demand in The Lower Mainland. Short-term things go up and down all the time. The most important thing is to be sure you can service your mortgage if interest rates go up 3%-4%.

Re: 700k budget
 

That is what happened with my GF's mom's condo, the strata went more or less bankrupt and had no money and then the pipes needed to be replaced, and every unit had to fork over 50k for it. Put her underwater in a bad way on the place.

Re: 700k budget
 

RIGHT NOW, single family homes are increasing more in $$$ and detaching from multi-family. Condo/TH values are flat in comparison right now and haven't really increased for 6 years. For example, a TH we looked at in 2008 is still selling for the exact same price now in 2014, whereas family homes in our area have increased from 6-700k to 8-1.1 million k. But in the past it has varied.

I agree with everything JBE said. If you buy a condo, you just need to do your homework - check depreciation report, make sure the building has a good contingency fund, be wary of buildings with low strata fees, and read every single page of the strata minutes.

Re: 700k budget
 

What's driving the detached home price, is it external investment or Vancouver families moving up?