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Thursday, May 13, 2010

Yes, you can afford to live here - if you're willing to do a little work

by Nadia Doucet on Thu, May, 13, 2010 04:35 PM

There is a theory that home ownership in Metro Vancouver is beyond the limit of ordinay working folks. And while there is some truth to that theory, that only the rich or lucky can afford the best neighbourhoods. It's a promulgation fed beyond logic by those who rail our cost of living, about leaky condos and greedy developers and non-residents driving up prices. About the average cost of a detached house in the region being too close to $1 million and about the area's 22 municipalities falling short on affordable housing for all kinds of residents.

All the same, we have to keep in mind that this city has gone through an incredible metamorphosis. Most would agree that a reasonably priced home in this land of milk and honey is out of reach of the common man. Not too long ago a detached home in Vancouver proper that would cost a mere half million is now going for close to $1 million or more. That coupled with the plethora of postage stamp sized condos being bought and sold by investor’s from anywhere and everywhere have caused a lot of people to feel the pinch. But that being said, perhaps it’s not yet time to run and get the ruby slippers – things are not as bad as they seem.

Watching home renovation shows, taking virtual tours and reading all those diy magazines can skew ones thinking a bit. Not all homes are going to look like the palace you envision when you first buy a place. That being said, scaling back expectations can help immeasurably when starting out in a market such as ours. Looking at prices after our recession you will see that both sales and inventory are up, coupled with low interest rates things are definitely looking rosy for the new buyer.

In Surrey Saturday there was a line up to purchase units in the Quattro building at Gateway SkyTrain station from $139,000 and up. Half of the modern units with all the fixin’s were listed for less than $200,000. In Langley, the prices were $149,000 for a one bedroom and $229,000 for two bedroom, Euro-inspired condos.

If this is too far in the suburbs how about the new projects slated for completion on Kingsway? The Scene Vancouver East condos for sale are going for $259,900 and up and Yaletown units at Nelson and Seymour starting at $239,000.

The Multiple Listing Service (MLS) has 382 apartments for $300,000 or less in Vancouver alone and way more if you are able to venture outside the city. A lot of these are move in ready with all the perks and privileges of the new modern condo.

Looking for your own little patch of earth? In Vancouver, as in Richmond and Burnaby and North Vancouver, there are only a handful of houses selling for less than $500,000, but according to the MLS on Friday, there are 88 in Coquitlam, 145 in Langley, 420 in Abbotsford, 212 in Maple Ridge and 753 in Surrey.

Many are less than $400,000. You may have to be willing to roll up your sleeves and get a little dirty but welcome to the concept of owning your own home! The thing to keep in mind is that a fixer upper is not going to have the designer furniture staged just so when you walk in the door. Nor will you see all the latest stainless steel appliances or shiny new surfaces.The important thing to remember is that the home is sound and has good bones that you can work with slowly over time to become your little piece of paradise.

In real estate as in life, we move up one step at a time unless we are the children of immigrants who had enough foresight to snap up real estate along the dirt road that used to be downtown and is now referred to as Main and Terminal. You may have to scale down your expectations and live in the suburbs for awhile but keep in mind that we do live in one of the best cities in the world and for those of us on a budget, commuting is a foregone conclusion if what you’re looking for is more living space. It’s either that or pull up stakes and move out East…

Source: the Vancouver Sun

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