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

[andsoitgoes]

Okay - so it has come time to stop renting and look for a house. We're going in somewhere with my inlaws, so there are a few requirements - primarily a suite (full with a decent sized kitchen)

now - I know we're asking a lot, but for pete's sake, we've been looking for on about a month now, with NO LUCK. We're sitting here looking at properties that are barely over 2200 square feet and 7000 sq ft lots, that push the 500k mark.

I thought only mansions were supposed to cost HALF A MILLION DOLLARS?

Sigh - Anyway, I know there are a lot of times properties that sell straight away before even getting exposure on MLS, so I'm wondering if maybe a professionaly minded group here might have some info or leads

Basically we're looking for:

- 5+ bedrooms
- Suite downstairs (read: another kitchen, as long as it's big and mostly finished, without needing to put in tons of plumbing, etc and 2 or more bedrooms
- somewhere in Langley, Aldergrove, Cloverdale/Fleetwood - etc.

I know it's a long shot, but I figure what the heck, give it a shot. Thanks in advance

[Der_Iron_Chef]

Good luck, Nick!

If it makes you feel any better, the 1150 square foot apartment that I rent here in Calgary is worth $425,000. The market here is ABSURD!

[Ruth]

Log house - 1350sf - guest cottage - 30 acres - lots of big trees for privacy - bit of a commute but only $325,000!
Such a deal I have for you

[trilinearmipmap]

Wait a couple of years until the real estate bubble crashes.

The overinflated prices make sense in West Vancouver or the west side of Vancouver. The prices do not make sense out in the valley where there is an endless supply of land.

For now it makes more sense to rent than to buy. That alone should tell people that real estate prices are out of line with reality.

[andsoitgoes]

Originally Posted by trilinearmipmap

Wait a couple of years until the real estate bubble crashes.

The overinflated prices make sense in West Vancouver or the west side of Vancouver. The prices do not make sense out in the valley where there is an endless supply of land.

For now it makes more sense to rent than to buy. That alone should tell people that real estate prices are out of line with reality.

Our concern here is that it's not going to crash for at least another 10 years, look at what happened after expo 86, and with the 2010 olympics, it's going to drive more people here - well, at least that's what investors see.

I figure if we can find a place for the mid to high 400k in Langley (primarily brookswoood) I'll be happy. I do find it frustrating that houses which went for 325k in the Queen Mary part of Surrey are now going for 25% more on average.

As for there being unlimited amount of land in the valley, after spending the while we have searching, it ends up being broken into decent sized houses on tiny little lots. It's very frustrating.

If I continue to rent any longer, dumping 1200 a month into someone else's mortgage, I'm going to scream. I won't pay 560 for a house that's worth next to nothing, but I really wonder if paying 460 for a place on 3/4 an acre is that bad a deal?

[Chaloupa]

hey Nick...good luck to you...houses here are the same thing..we bought ours (which is exactly what you are looking for but in Campbell River) for $236,000 and now less than 3 years later it is appraised at over $400,000!!! Sad, but true...we're just glad that we bought when we did~ Hopefully you will find what you are looking for!

[G1GY]

Originally Posted by trilinearmipmap

For now it makes more sense to rent than to buy. That alone should tell people that real estate prices are out of line with reality.

When did it ever make more sense to rent than buy?

When the price of property is high that cost is passed on to the tenant.

While the price of buying may be high, the cost of renting is much higher when you take into account that you have zero return on the money you put out as a renter.

If you buy at these prices and take a mortgage on the new outragous 40 year term........ You can still have a renter live in this place and make the mortgage payments for you.

Too many people have missed the chance to become a home owner while waiting for the next crash IMO.

[Slick Fork]

Stay away from a 40 yr mortgage... you'll never pay the principal off. Payments might be a little cheaper, but that's FIFTEEN more years. Just my 2 cents!!

[andsoitgoes]

Originally Posted by G1GY

When did it ever make more sense to rent than buy?

When the price of property is high that cost is passed on to the tenant.

While the price of buying may be high, the cost of renting is much higher when you take into account that you have zero return on the money you put out as a renter.

If you buy at these prices and take a mortgage on the new outragous 40 year term........ You can still have a renter live in this place and make the mortgage payments for you.

Too many people have missed the chance to become a home owner while waiting for the next crash IMO.

See, that's what I was thinking I wanted to say

I got scared away from the market when we sold our Condo a few years back for a loss of about 25%

Thing is, had we not owned, we would have been throwing that money down the toilet to a rental. Six of one, half dozen of the other, I guess.

I can't risk being afraid again, if I do - I may never own, there may never be a home for our girls.

And like Lex Luthor's father said, the future is in land

[andsoitgoes]

Originally Posted by Slick Fork

Stay away from a 40 yr mortgage... you'll never pay the principal off. Payments might be a little cheaper, but that's FIFTEEN more years. Just my 2 cents!!

Bi-Weekly payments!!

And we can always refinance once we're doing a bit better. It's not the best option, but if it's that or NOT owning (due to the debt ratio, etc.) - I'd rather own