Canadian Money Forum banner

1 - 3 of 3 Posts

·
Registered
Joined
·
12 Posts
Discussion Starter #1
Hello Everyone,

What experience people think about buying a house (in Vancouver) now as the mortgage rates are low, I have money for down payment and for few installments. I have read few threads here and many people think Vancouver is expensive to buy a house, what are the other alternatives near by and what should I look for while buying a house, does anyone has a checklist or can outline socio-economical factors as well as locality and right time to buy a house.

Any help would be much appreciated.

Thanks,
Day Dreamer
 

·
Registered
Joined
·
1 Posts
Hi DayDreamer! GENERALLY, the further away you go from downtown Vancouver, the cheaper it gets. If you work in downtown but want more value for your money, look in the Fraser Valley or Tri-Cities. If you don't mind the commute, buy even further away. I know someone that lives in Maple Ridge and work in Richmond. It's a terribly long drive but they live in a newer, good-size house for the average price of an older 2-br condo in Vancouver.
Good for you if you work from home or are mobile, then the search will be easier. Other factors will depend on your needs. Example: If you're raising a family, really consider living in a good neighbourhood. Also look at other costs of ownership like property taxes, utilites, insurance, strata fees. If you're buying an older house, consider what maintenance costs you may have to incur along the way.
As for the right time to buy... that is a really difficult question to answer. Sometimes, you just have to go with your gut feel.
 
1 - 3 of 3 Posts
Top