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Re: Vancouver Property Petitition
Originally Posted by MrHyperPants
(Post 11643395)
I really don't know why anyone would want to buy a condo (apart form having a second property to rent out). As there always building new ones. Especially in Richmond. So much construction going on at the moment. The boom hasn't taken off yet imo.
I feel you would struggle selling a condo down the line. Why buy an older condo with higher strata fees when you can get a brand new one with lower strata fees for the same price. Makes no sense to me. There may be circumstances where things happen that could not realistically be predicted but special assessments are an indication of a badly run strata council. It is a buyer's responsibility to do due diligence on the strata. Im not sold on it. May be a town house is different. But what gets me is having to pay strata fees on town houses when all they share is a roof. Some of these townhouses don't have any yard and some have there own garage. Yet still have strata fees. Its all a con imo. I can understand it if your sharing a communal area or have a pool for everyone to use and underground parking. I agree with strata fees for condos and apartments. Some friends of ours just sold their two acres in Surrey and bought a townhouse. They are getting on a bit and the maintenance of the lot and their old house was getting too much. It was a tie because they could not leave the yard for a week in summer and the old house needed to be lived in and heated during the winter to keep it dry. They want to travel and see family spread across the world. The townhouse is a perfect solution. All they have to do is turn down the heating and shut the front door and can be gone a week, and month, a whole year if they want. Someone looks after the garden, someone cleans outside, if anything goes wrong someone comes and fixes it. For them then the $300 or so a month is the best money they can spend. May be I'm looking at it wrong. Renting always was more expensive then a mortgage in the uk. But you needed to have a deposit for a house first, which most people don't have. Seems the other way around here, renting cheaper then having a mortgage from what I have been researching so far. |
Re: Vancouver Property Petitition
Originally Posted by JonboyE
(Post 11643938)
Different people have different needs and wants. Condominium ownership works well for some people - the convenience of renting with the equity stake of owning. There may be an oversupply in the future. Who knows? There is no sign of an oversupply at the moment.
This is backwards. If anything, you expect condo fees to be higher in a new building as the strata council has to build up funds to pay for repairs that will be needed in future years. A well run strata will have a maintenance plan that is costed and budgeted. Strata fees should be set so they are sufficient to pay for all anticipated repairs and maintenance over the life cycle of the maintenance plan. There may be circumstances where things happen that could not realistically be predicted but special assessments are an indication of a badly run strata council. It is a buyer's responsibility to do due diligence on the strata. To call it a con is just silly. The books of the strata are available to all owners and potential owners. Look before you buy. If you don't think the strata fee is value for money then don't buy. Some friends of ours just sold their two acres in Surrey and bought a townhouse. They are getting on a bit and the maintenance of the lot and their old house was getting too much. It was a tie because they could not leave the yard for a week in summer and the old house needed to be lived in and heated during the winter to keep it dry. They want to travel and see family spread across the world. The townhouse is a perfect solution. All they have to do is turn down the heating and shut the front door and can be gone a week, and month, a whole year if they want. Someone looks after the garden, someone cleans outside, if anything goes wrong someone comes and fixes it. For them then the $300 or so a month is the best money they can spend. I am with you on this. Rental yields suck. :goodpost: Condos are fine. For some reason there's a lot of negativity on this board about them, but compared to renting you have far more security of tenure, and that's just for starters.. |
Re: Vancouver Property Petitition
Originally Posted by ExKiwilass
(Post 11643958)
:goodpost:
Condos are fine. For some reason there's a lot of negativity on this board about them, but compared to renting you have far more security of tenure, and that's just for starters.. 300,000 for 600-700sq feet seems a bit much to me. I just don't see the value in a condo for those kinds of prices, and the ones cheaper are in 50 year old run down buildings usually that may not even last the mortgage on it.....lol 1 condo building we could afford here, but it has crime and drug issues, and the strata doesn't care what goes on, and the place is literally falling apart. I wouldn't even rent there. There are a couple nice buildings I'd consider if they were not 250,000-300,000 dollars, but they are nice and quite modern. They just don't go up in price in this market meaning hard to sell, better chance it will go down in price over up. Not a condo friendly market we have here and I don't see that changing any time soon. Vancouver probably will see increases at some point, can't imagine they won't. My wife works with a girl who bought her condo 8 years ago, they want to sell so they can buy a house, but they owe more on the condo then it can sell for, that is what I would be nervous about. These would be my considerations if we could afford it. http://www.realtor.ca/propertyDetail...rtyId=15258550 http://www.realtor.ca/propertyDetail...rtyId=15531561 According to the affordability calculator on MLS we would need an income of 61,000 a year, so double what we make now to afford the 174,000 with 5% down. On our current income, it says a max of 55,000 mortgage.... Can't even buy a decent mobile home for that...lol |
Re: Vancouver Property Petitition
Originally Posted by Shard
(Post 11643843)
How about asking your MIL if you can build a shed on her land to tend your pumpkins etc. Make it into a summer house.
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Re: Vancouver Property Petitition
Originally Posted by Jsmth321
(Post 11643969)
According to the affordability calculator on MLS we would need an income of 61,000 a year, so double what we make now to afford the 174,000 with 5% down. On our current income, it says a max of 55,000 mortgage.... Can't even buy a decent mobile home for that...lol |
Re: Vancouver Property Petitition
Originally Posted by Shard
(Post 11644030)
So your joint income is $30K ?? Are you both full time? Seems very low...
I work varied hours minimum each week is 24, this week I am working 40, next week who knows. My wife is not able to work full-time, so she works a consistent 18 hours per week + her disability for part of the year*. If I did work full-time consistently after taxes I'd make approx 23,000 in a year. She makes on average 12,000 a year if I could make 23,000 and she 12,000 with disability the max would be 39,000 assuming no sick days or missed shifts. Granted we did not make that last year (we did 31k combined) and this is based on estimates and me working full-time, so I doubt we would hit 39k this year as I am not consistently getting 40 hours a week. *disability ends once we hit the income exemption for the year, so the amount received in a year varies. To make 60k in a year, I'd need to make mid 40's alone, then her income would push us up to 60k but no way would we ever have the earning power to buy an actual house in this area, need more or less a 6 figure income. Using the MLS calculator and 5% down, it says you need 115k a year for the cheapest single family home listed which is 515,000. Using the RBC calculator at 40,000 a year, with 15k down, we can apparently afford 133,000 to be financed. Only thing you can get at that price are mobile homes in a park, but its too easy to evict people from mobile home parks, and with all the development its only a matter of time before they are bought and developed into single family homes or town homes. The bad condo building has a few in our range, but they are 50 years old, and the strata there is bad, they do no repairs, and crime is a major issue in the building. (Joys of having a wife who works with real estate agents, they know the in's and out's of different buildings and which ones are good and which to avoid.) |
Re: Vancouver Property Petitition
Originally Posted by Jsmth321
(Post 11644120)
Its a best estimate based on how much we currently make each month.
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Re: Vancouver Property Petitition
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Re: Vancouver Property Petitition
Originally Posted by Shard
(Post 11644220)
That's going to be tough. I see why you're keen to find yourself more of a career based role.
There is just no way to gain that kind of pay in the private sector for me since it would take decade or more starting at the bottom at my age and well companies wouldn't likely be keen on older workers when they could choose just as experienced younger worker. I just get very frustrated and have no idea what kind of job to day that would bring the income we need. I should of done psych nursing a couple years ago before it was this competitive, now its so competitive academically, I simply cannot compete. Those who are not above average academically get left behind. I just can't see being happy stuck in apartment on low salary, and no ability to save for old age, going into senior years with nothing scares the living crap out of me as I know CPP is very unlikely to be able to provide the amount necessary to live on and have a roof. 36 may not sound old, but when your trying to find a way to get a decent job, and a home, its pretty old in the scheme of things. Private sector jobs just pay so poorly these days. I was thinking about doing a short term office program at BCIT, however looking more into it, the median wage of graduates isn't very high and only 3 more per hour then I make now, so I am concerned about forking over 5,000+ and student loan debt to end up in a job that pays the same as I make now. Those who take it appear to get jobs based on survey, just the pay isn't a whole lot more and if I am going uproot and move, I need enough to survive in Vancouver and not just end up worse off but with higher rent. It's all very confusing and I am a deer in a headlight with no idea what to do. http://www.bcit.ca/files/ir/gp/6989cert.pdf |
Re: Vancouver Property Petitition
Originally Posted by Jsmth321
(Post 11644443)
A career with high level of entry play is our only option really, that is another reason psychiatric nursing was attractive, entry pay is just around 30.00 per hour.
There is just no way to gain that kind of pay in the private sector for me since it would take decade or more starting at the bottom at my age and well companies wouldn't likely be keen on older workers when they could choose just as experienced younger worker. I just get very frustrated and have no idea what kind of job to day that would bring the income we need. I should of done psych nursing a couple years ago before it was this competitive, now its so competitive academically, I simply cannot compete. Those who are not above average academically get left behind. I just can't see being happy stuck in apartment on low salary, and no ability to save for old age, going into senior years with nothing scares the living crap out of me as I know CPP is very unlikely to be able to provide the amount necessary to live on and have a roof. 36 may not sound old, but when your trying to find a way to get a decent job, and a home, its pretty old in the scheme of things. Private sector jobs just pay so poorly these days. I was thinking about doing a short term office program at BCIT, however looking more into it, the median wage of graduates isn't very high and only 3 more per hour then I make now, so I am concerned about forking over 5,000+ and student loan debt to end up in a job that pays the same as I make now. Those who take it appear to get jobs based on survey, just the pay isn't a whole lot more and if I am going uproot and move, I need enough to survive in Vancouver and not just end up worse off but with higher rent. It's all very confusing and I am a deer in a headlight with no idea what to do. http://www.bcit.ca/files/ir/gp/6989cert.pdf My off the cuff suggestion would be to look at two fields: healthcare and accountancy. You don't need to fixate on psychiatric nursing, there are other nursing and care fields, perhaps less qualified/competitive fields. The point is that you enter a career area that has some longer term potential. If you end up in the public sector, you are also likely to benefit from a pension scheme which will allay your future fears. Within accounting you could get a entry level certificate to do bookeeping (accounting technician) and from there with experience you could take further courses to get into company accounting. It's a misconception that you have to be clever with math for accounting, although you do obviously need to be accurate. Plenty of low level accounting jobs amount to sitting in a room and simply playing around with spreadsheet numbers, and from how you describe yourself on here, that might appeal. I've noticed that you have a habit of seeking out information which proves why you can't or shouldn't pursue something. Some degree of reality-checking is worthwhile, but once you have decided what you want to do, you need to discard all the negative info and continually seek positive info. Otherwise you will be going around the same circles when you are 56. Try not to let intermittent mental issues derail your long term plans completely. Maybe work on your 'future career' when you are feeling positive and give it a rest when you are feeling negative. That's my take on your situation. It's a bit of thread drift, but you do seem to be looking for advice. |
Re: Vancouver Property Petitition
Originally Posted by Shard
(Post 11644522)
My off the cuff suggestion would be to look at two fields: healthcare and accountancy.
You don't need to fixate on psychiatric nursing, there are other nursing and care fields, perhaps less qualified/competitive fields. The point is that you enter a career area that has some longer term potential. If you end up in the public sector, you are also likely to benefit from a pension scheme which will allay your future fears. Within accounting you could get a entry level certificate to do bookeeping (accounting technician) and from there with experience you could take further courses to get into company accounting. It's a misconception that you have to be clever with math for accounting, although you do obviously need to be accurate. Plenty of low level accounting jobs amount to sitting in a room and simply playing around with spreadsheet numbers, and from how you describe yourself on here, that might appeal. I've noticed that you have a habit of seeking out information which proves why you can't or shouldn't pursue something. Some degree of reality-checking is worthwhile, but once you have decided what you want to do, you need to discard all the negative info and continually seek positive info. Otherwise you will be going around the same circles when you are 56. Try not to let intermittent mental issues derail your long term plans completely. Maybe work on your 'future career' when you are feeling positive and give it a rest when you are feeling negative. That's my take on your situation. It's a bit of thread drift, but you do seem to be looking for advice. Nursing is pretty much out across the board, RN is just as competitive if not more competitive, and LPN's are likely the same. Seems to be a very in demand thing now for people as is most healthcare which isn't surprising since it pays well and in some regions of BC is the largest employer. I am looking at lab assistant, its a possibility although doesn't appear to have a lot of jobs in that field overall but there is a 2 or 3 wait list anyhow for the program, so not like its something that can be done right now anyhow. If we stay in Sqaumish only hope is a government job or non-profit that relies on government funding. The top employers are: School District- 346 Vancouver Coastal Health - 331 Municipal Gov't- 215 Sea to Sky community service- 140 None of the above hire for anything I can currently do, they outsource basic entry level work, and the jobs they have are always a skilled profession requiring education or a degree. (except for the politicians, anyone can do that if you can get elected....lol) Private sector wise, mostly nothing but low wage places, mostly retail. Wal-mart is top private employer with 150 Save On Foods with 130 Squamish terminals (not retail) with 100 Sea to sky gondola probably fits in right about here as well. Home Depot 100 Nesters Market 75 Trash company 75 Howe Sound Brewing company 75 Now top professions are sales, retail, and trades, but the employers tend to be smaller or self employed. 46% of the workforce is in sales and service, trades or heavy equipment operator. Government excluding healthcare is 11% Healthcare is 7% Not many options so I think we need to find a way out of Squamish somehow. I am wary of student loans, I had a terrible time paying the last one off as I didn't gain anything sufficient to increase employment and got behind and took forever to pay off, so I worry about taking out more student loans and then finding my income doesn't go up, and then having to figure out a way to pay off debt I can't afford. |
Re: Vancouver Property Petitition
Originally Posted by Jsmth321
(Post 11644533)
It may be possible to do 2 different things. All depends if I can fund different things, some reason short term programs are quite pricey for how short some are..
Nursing is pretty much out across the board, RN is just as competitive if not more competitive, and LPN's are likely the same. Seems to be a very in demand thing now for people as is most healthcare which isn't surprising since it pays well and in some regions of BC is the largest employer. I am looking at lab assistant, its a possibility although doesn't appear to have a lot of jobs in that field overall but there is a 2 or 3 wait list anyhow for the program, so not like its something that can be done right now anyhow. If we stay in Sqaumish only hope is a government job or non-profit that relies on government funding. The top employers are: School District- 346 Vancouver Coastal Health - 331 Municipal Gov't- 215 Sea to Sky community service- 140 None of the above hire for anything I can currently do, they outsource basic entry level work, and the jobs they have are always a skilled profession requiring education or a degree. (except for the politicians, anyone can do that if you can get elected....lol) Private sector wise, mostly nothing but low wage places, mostly retail. Wal-mart is top private employer with 150 Save On Foods with 130 Squamish terminals (not retail) with 100 Sea to sky gondola probably fits in right about here as well. Home Depot 100 Nesters Market 75 Trash company 75 Howe Sound Brewing company 75 Now top professions are sales, retail, and trades, but the employers tend to be smaller or self employed. 46% of the workforce is in sales and service, trades or heavy equipment operator. Government excluding healthcare is 11% Healthcare is 7% Not many options so I think we need to find a way out of Squamish somehow. I am wary of student loans, I had a terrible time paying the last one off as I didn't gain anything sufficient to increase employment and got behind and took forever to pay off, so I worry about taking out more student loans and then finding my income doesn't go up, and then having to figure out a way to pay off debt I can't afford. Actually, I meant research/consider the two fields and choose ONE. Probably best to consider the whole of BC as your potential employment ground, especially as housing becomes more affordable outside of the GVA. As I mentioned, don't get too warped up in the statistics, take a long term and big picture view. Focus on the summit not the boulders in your way. |
Re: Vancouver Property Petitition
Originally Posted by Shard
(Post 11644587)
Actually, I meant research/consider the two fields and choose ONE. Probably best to consider the whole of BC as your potential employment ground, especially as housing becomes more affordable outside of the GVA. As I mentioned, don't get too warped up in the statistics, take a long term and big picture view. Focus on the summit not the boulders in your way.
Auditing/Accounting they expect 13,000 opening in the next 10 years. It falls # 4 on the list. 10 jobs expected to be in highest demand in B.C. over the next decade - The Globe and Mail According to that article, takes a lot of university including graduate level to become an accountant. Auditors/accountants mostly needed in the Vancouver region, where nurses will be in most demand in lower cost regions like Vancouver Island, and the Interior. Auditors/Accounting average wage is too low to buy in LM. I wish it were not so confusing... Looking at the BCIT website, you take 2 year accounting diploma course first, and then you add on an additional year for the bachelors, and then prepare for CPA designation. Pay appears to be a good chunk less starting out in accounting, BCIT says as high as 3,000 a month, so 18.75 per hour. Seems you need to be in management to make anything decent which was another reason nursing appealed, I don't have to be a manager to have a high wage. I think accounting would largely requiring being in Vancouver, but the income won't be high enough, and seems to be far less options overall since the job market for accounting seems largely in the LM. Where nursing the overall demand appears to be in lower cost regions such as the interior and Vancouver Island, and with a lower cost of living + higher wage would lead to a more stable life. Nursing however has limited schools where one can get an education and each school has different entry requirements, so you seem to have to pick one and stick with it. Douglas and Kwantlen are the 2 options, where accounting is offered pretty much everywhere in some form. |
Re: Vancouver Property Petitition
There are others on here far better qualified to comment on Canadian accounting or healthcare options for you. The point is to focus on entry level work not necessarily a career path to becoming a CA/CPA or psychiatrist. Find a lower-mid level role that you can strive toward and focus on that. Using my earlier metaphor, climb Mt Garibaldi before you embark on Everest!
It might be an idea to start a new thread on it though. Not all the career experts will be reading on Vancouver property. |
Re: Vancouver Property Petitition
Originally Posted by JuneSpring
(Post 11644382)
Anyway, good luck to them. |
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