PROPERTY VALUES AND INCOMES REQUIRED.
Dec 18th 2015, 4:01 pm
#61
Dichotomus tinker
Joined: Aug 2013
Location: Ontario, Canada
Posts: 6,678
Re: PROPERTY VALUES AND INCOMES REQUIRED.
For what its worth...
The current dwelling that we live in is in the eastern GTA. Its an average place, nothing spectacular, not something because of its structure or location has increased in price higher than other properties in other parts of the GTA - its just average.
We have lived in it for 13 years mortgage free, the price has increased $300,000 & during that time the out of pocket cost living here (excluding utilities) in just property taxes, upgrades, new fixtures, appliances, repairs & maintenance, I estimated we have spent close to $85,000.
Should we sell today, our net return (in pocket) after paying the 13 years of costs, the RE commission & legal fees - is a return of 3.7% per year, which isn't all that bad I suppose.
If we have had a mortgage, we would have had little or negative return
.
The current dwelling that we live in is in the eastern GTA. Its an average place, nothing spectacular, not something because of its structure or location has increased in price higher than other properties in other parts of the GTA - its just average.
We have lived in it for 13 years mortgage free, the price has increased $300,000 & during that time the out of pocket cost living here (excluding utilities) in just property taxes, upgrades, new fixtures, appliances, repairs & maintenance, I estimated we have spent close to $85,000.
Should we sell today, our net return (in pocket) after paying the 13 years of costs, the RE commission & legal fees - is a return of 3.7% per year, which isn't all that bad I suppose.
If we have had a mortgage, we would have had little or negative return
.
Last edited by not2old; Dec 18th 2015 at 4:06 pm.
Dec 18th 2015, 4:11 pm
#62
BE Enthusiast
Joined: Mar 2014
Location: Mission and loving it
Posts: 464
Re: PROPERTY VALUES AND INCOMES REQUIRED.
We want to own for lifestyle for a yard and space. Condos just cant provide that so may as well rent and keel flexibility.
I will trade flexibility for a yard but not for a condo which wont improve anything.
When I search freehold and house under 150k on mls rarely does anything show up in the wack.
Search the whole province for that range and you end up with Texada, lilloet and other small towns.
I just dont see an advantage to an old condo building. Seems risky buying into a building that is 20 or 30 or even 50. How long are they going to last?
I will trade flexibility for a yard but not for a condo which wont improve anything.
When I search freehold and house under 150k on mls rarely does anything show up in the wack.
Search the whole province for that range and you end up with Texada, lilloet and other small towns.
I just dont see an advantage to an old condo building. Seems risky buying into a building that is 20 or 30 or even 50. How long are they going to last?
If you really want to, you can buy a house in Chilliwack, with a yard. What is required is some effort, in approx 5 seconds, I found 6 houses for less than $175k that fit the bill, I'm pretty sure you could too, if you tried.
You're an adult with an income - if you want a house, go buy one, don't complain that it's not easy - not much worthwhile is easy.
Dec 18th 2015, 4:31 pm
#63
Beep
Joined: Jan 2009
Location: Here
Posts: 8,311
Re: PROPERTY VALUES AND INCOMES REQUIRED.
Dec 18th 2015, 4:43 pm
#64
BE Enthusiast
Joined: Mar 2014
Location: Mission and loving it
Posts: 464
Re: PROPERTY VALUES AND INCOMES REQUIRED.
There may be factors involved as to why you can't move somewhere else that is dramatically cheaper, for example; a longer commute, which can then fold into parental responsibilities, such as picking up kids from school.
Ah, but of course one could just, at a drop of a hat, get a job in a new cheaper location.
It must be wonderful to be in a position where this kind of thing seemingly isn't a big concern.
Ah, but of course one could just, at a drop of a hat, get a job in a new cheaper location.
It must be wonderful to be in a position where this kind of thing seemingly isn't a big concern.
Dec 18th 2015, 4:55 pm
#65
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: PROPERTY VALUES AND INCOMES REQUIRED.
And I know people who have lost a bundle during crashes in the UK within the past ten years. I accept that the crash in the London Borough of Kensington and Chelsea will be a long time coming but there is a UK outside the North Circular (or so I'm told).
Dec 18th 2015, 5:29 pm
#66
Account Closed
Joined: Jan 2006
Posts: 0
Re: PROPERTY VALUES AND INCOMES REQUIRED.
This is why I am wary of condos. We know more then 1 person stuck in a condo they dont want but cant sell because values have been stagnent. Unlike houses condos are not a hot comodity and dont see the same increases in value.
My wife works with a girl who bougjt 10 years ago to so the ladder thing. Her condos value is less today but houses have more then doubled in cost. So now she is stuck and missed out on house as now she is priced out.
The real estate agents my wife works with see it all the time people stuck in condos with no way out.
Mother in law bought a condo in 2000 and it sold for 10k less in 2013 when she sold it.
My wife works with a girl who bougjt 10 years ago to so the ladder thing. Her condos value is less today but houses have more then doubled in cost. So now she is stuck and missed out on house as now she is priced out.
The real estate agents my wife works with see it all the time people stuck in condos with no way out.
Mother in law bought a condo in 2000 and it sold for 10k less in 2013 when she sold it.
I think the housing ladder thing is something that only really exists in English speaking countries. It might have worked well in the past, but things are changing and enough people are now stuck in properties they can't get rid of. If you don't want a condo, then rent some crappy place that allows you to save enough money, or move to an area where housing is cheaper. As a first time buyer, you should only really buy when the market crashes. If you can't wait that long, then buy a property you can see yourself living long term.
Dec 18th 2015, 5:33 pm
#67
Account Closed
Joined: Jan 2006
Posts: 0
Re: PROPERTY VALUES AND INCOMES REQUIRED.
The just move thing is annoying. We would move but that takea money ans of course jobs before moving but when your not skilled its generally not possible to get a job prior to moving. Employers have no reason to consider an out of town applicant.
Plus wifes job is here and she enjoys her job and rent is no cheaper elsewhere in the LM so why move?
Plus wifes job is here and she enjoys her job and rent is no cheaper elsewhere in the LM so why move?
There may be factors involved as to why you can't move somewhere else that is dramatically cheaper, for example; a longer commute, which can then fold into parental responsibilities, such as picking up kids from school.
Ah, but of course one could just, at a drop of a hat, get a job in a new cheaper location.
It must be wonderful to be in a position where this kind of thing seemingly isn't a big concern.
Ah, but of course one could just, at a drop of a hat, get a job in a new cheaper location.
It must be wonderful to be in a position where this kind of thing seemingly isn't a big concern.
Dec 18th 2015, 5:34 pm
#68
Muskoka, Ontario
Joined: Aug 2013
Posts: 3,045
Re: PROPERTY VALUES AND INCOMES REQUIRED.
Sharkus, if you want a cheaper house, you need to move further out. If that leads to a commute, so be it. I have a 1 hour 30 mins commute, so that I could afford a large house with some land, that's the reality. I'm not in any wonderful position, just willing to make sacrifices to make my families life better. It isn't an ideal world out there and you have to make sacrifices and compromises - obviously this compromise doesn't suit everyone, but then I'm a strange kind of person that puts my family first and doesn't bitch about it.
Dec 18th 2015, 5:47 pm
#69
Account Closed
Joined: Jan 2006
Posts: 0
Re: PROPERTY VALUES AND INCOMES REQUIRED.
I dont know where you found then. I checked MLS and nothing came up.
175 is max if debt free and no car. Since we need the car realistically thw max is going to be closer to 140.
Debt free isnt an issue but a car well no way around that. Where transit is a viable option housing is way above our limit. So have to keep a stupid car.
I check the MLS all the time. Never see much in 140 range or less exept in isolated small towns with no employment opportunity.
We are 3 to 5 years before we can do anything and who knows what the mortgage rules will be by then. My not even have access to one by then.
We dont qualify for a traditional mortgage so limited to one specific one Van City offers.
Its more complicated then it would be for most.
175 is max if debt free and no car. Since we need the car realistically thw max is going to be closer to 140.
Debt free isnt an issue but a car well no way around that. Where transit is a viable option housing is way above our limit. So have to keep a stupid car.
I check the MLS all the time. Never see much in 140 range or less exept in isolated small towns with no employment opportunity.
We are 3 to 5 years before we can do anything and who knows what the mortgage rules will be by then. My not even have access to one by then.
We dont qualify for a traditional mortgage so limited to one specific one Van City offers.
Its more complicated then it would be for most.
Jsmith,
If you really want to, you can buy a house in Chilliwack, with a yard. What is required is some effort, in approx 5 seconds, I found 6 houses for less than $175k that fit the bill, I'm pretty sure you could too, if you tried.
You're an adult with an income - if you want a house, go buy one, don't complain that it's not easy - not much worthwhile is easy.
If you really want to, you can buy a house in Chilliwack, with a yard. What is required is some effort, in approx 5 seconds, I found 6 houses for less than $175k that fit the bill, I'm pretty sure you could too, if you tried.
You're an adult with an income - if you want a house, go buy one, don't complain that it's not easy - not much worthwhile is easy.
Last edited by scrubbedexpat091; Dec 18th 2015 at 5:58 pm.
Dec 18th 2015, 5:50 pm
#71
Account Closed
Joined: Jan 2015
Posts: 318
Re: PROPERTY VALUES AND INCOMES REQUIRED.
Jsmith,
If you really want to, you can buy a house in Chilliwack, with a yard. What is required is some effort, in approx 5 seconds, I found 6 houses for less than $175k that fit the bill, I'm pretty sure you could too, if you tried.
You're an adult with an income - if you want a house, go buy one, don't complain that it's not easy - not much worthwhile is easy.
If you really want to, you can buy a house in Chilliwack, with a yard. What is required is some effort, in approx 5 seconds, I found 6 houses for less than $175k that fit the bill, I'm pretty sure you could too, if you tried.
You're an adult with an income - if you want a house, go buy one, don't complain that it's not easy - not much worthwhile is easy.
Dec 18th 2015, 5:54 pm
#73
Account Closed
Joined: Jan 2015
Posts: 318
Re: PROPERTY VALUES AND INCOMES REQUIRED.
When I first looked at moving to BC, I could afford to buy the property I wanted with the income and savings I had, firstly in Coquitlam, but as time went on and property values rocketed, I was pushed further out, first to Pitt Meadows, then Maple Ridge, then Mission. Had I waited any longer to buy, I would have ended up living in Chilliwack to get what I wanted.
(Note, I wanted a large house, with 2 acres minimum of land.)
Sorry to whinge but it is insane, IMHO
Dec 18th 2015, 6:02 pm
#74
BE Enthusiast
Joined: Mar 2014
Location: Mission and loving it
Posts: 464
Re: PROPERTY VALUES AND INCOMES REQUIRED.
lol, you're funny, well at least I'm laughing at your comment anyway.
You're half right - I understand exactly what the other person's position is, but I do not in any way empathise, to claim to do so would mean that I shared their feelings, which I do not and I make no apologies for that.
There is a common theme on this and many other similar threads where people complain at length about how expensive it is to buy a house where they want as if that's wrong somehow and they should be allowed to. I want a big house with acreage in West Van, but I certainly can't afford it, which is why I bought one in Mission.
Complaining won't change this situation, unless you make drastic changes in your life you're never going to be able to buy in the area you want. My advice (not that it's wanted or will be listened to) Move on. Either accept the fact that you can't afford to buy a house in that area, or can only afford a shitty house in that area (that you could always improve and move up in your area), or accept that you will have a longer commute to get a better house further away.
Dec 18th 2015, 6:05 pm
#75
BE Enthusiast
Joined: Mar 2014
Location: Mission and loving it
Posts: 464
Re: PROPERTY VALUES AND INCOMES REQUIRED.
I dont know where you found then. I checked MLS and nothing came up.
175 is max if debt free and no car. Since we need the car realistically thw max is going to be closer to 140.
Debt free isnt an issue but a car well no way around that. Where transit is a viable option housing is way above our limit. So have to keep a stupid car.
I check the MLS all the time. Never see much in 140 range or less exept in isolated small towns with no employment opportunity.
We are 3 to 5 years before we can do anything and who knows what the mortgage rules will be by then. My not even have access to one by then.
We dont qualify for a traditional mortgage so limited to one specific one Van City offers.
Its more complicated then it would be for most.
175 is max if debt free and no car. Since we need the car realistically thw max is going to be closer to 140.
Debt free isnt an issue but a car well no way around that. Where transit is a viable option housing is way above our limit. So have to keep a stupid car.
I check the MLS all the time. Never see much in 140 range or less exept in isolated small towns with no employment opportunity.
We are 3 to 5 years before we can do anything and who knows what the mortgage rules will be by then. My not even have access to one by then.
We dont qualify for a traditional mortgage so limited to one specific one Van City offers.
Its more complicated then it would be for most.
If you're really serious about wanting to buy a house, I have a great mortgage guy that I think could help you. I can PM you his details.
He will be able to tell you exactly what you can get (he has access to way more deals than can be found on the internet) PM me and I will send them to you if you want assistance?
