Looking for a house in BC (Fraser Valley) - Half a million for what???

[andsoitgoes]

Originally Posted by woodcarver

Hey Gigy, I dont know how old you and if you have ever experienced the vagaries of the market ??
I am an oldie and have owned houses for most of my adult life and own my present home outright but I have been through times especially here on the island when a house was anything BUT an investment ,through most of the eighties . I bought a house for $125,000 and sold it two years later for $95,000 after spending abot $ 25,000 on it , plus two years mortgage ,plus real estate fee's , plus lawyers fee's . This was also true of the Ontario market where people got carried away with the real estate boom and lost their shirts when it slowed down.
Presently rental costs have no where near reached their true value related to the dizzy new heights reached in the housing market .
These figures are academic if you can afford your payments and intend to stay in your new home for a long time .
The difficulties arise ,if you need to move ,the interest rates rise and the market makes a downward correction at the wrong time .
The U.S . housing market is looking very shaky.
History particularly recent history is no guarantee of the future .

Just a few thoughts ,


..............................Dave

that's what happened to us and our condo.

We sold, BARELY, at just over 80. Right now, a condo 5 doors down is selling for 180.

But that's a condo market. We weren't there for good, and with a house - we WILL be there to see our kids grow up and go to school. It's not a fly by night sort of thing and I refuse to go somewhere to hang around for a few years then leave. My aprents did that, and I don't want that for my girls.