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Buying A Home Is Only A Dream For Many ...


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#1 MaraM

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Posted 01 October 2006 - 01:22 AM

Just curious as to the average price for a home in other's areas.

I live in the Vancouver, BC area and it's honestly pretty darn scary here...

"Derrick Penner, CanWest News Service
Published: Wednesday, August 23, 2006

In February, the average single-family home price in Vancouver hit $705,000 on the Multiple Listing Service, which is up 80 per cent from February 2002, said Muir. Over the same four years, Muir said the average MLS price for Vancouver townhouses rose 64 per cent to reach $397,000 in February. The average condominium price was up 72 per cent to $321,000. Muir added that if similar gains are extrapolated into the future, a townhouse would hit $651,000 by 2010 and an average apartment would be worth $552,000.

The average price for a home in Vancouver could reach $1.2 million in 2010 if the market continues to grow at its current pace, according to the Canada Mortgage and Housing Corporation". (Unquote).

Eek!
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#2 cowsgonemadd3

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Posted 01 October 2006 - 07:37 PM

What in the city? Thats nuts move away and save money.

My parents got a 1800 square foot house we have today for 25 thousand.

Now its valued at like 90 thousand.

Well if I had to pay 1.2million for a house i'd move to the boonies and work at a Burger king.

I think one day when I move out I may get a house built. I dont want to spend anything over 85 or 90k even if I have to build it myself.

What type of job would you have to work at to even make a payment on a 700k house?

Its about 1000 bucks a month for a 200,000 dollar loan in some cases!

#3 MaraM

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Posted 01 October 2006 - 10:15 PM

Wow, Cowsgonemadd, it's terrific your parents got their home for that price! And even the price it's valued at now is great! (And does that price actually include property, I wonder?).

Although I'm far from an expert on why housing prices are so incredibly high out our way, I cringe to think what will happen to people if the interest rate shoots up again like it's done before - eek! Because you are right, the mortgage payments are a heavy load for lots of people (and nope, we don't get to claim interest on a mortgage loan re our personal income tax return either - drat!).

What confuses me a bit is how young couples, etc, can afford the down-payment on their first home out here ... yet they seem to do it as the housing market is booming.

And it would be great if one could just up and move to the "boonies" (does the "boonies" have Burger Kings? - grin), but for many of us, guess it's just a matter of our histories, families and jobs, etc being here. While it's always been a beautiful place to live, it's not always been so horribly expensive - sigh.

I hope you get to have your dream of building your own home one day, CGM - and I hope the property prices in your area stay at a realistic level, too.
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#4 cowsgonemadd3

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Posted 02 October 2006 - 09:46 AM

Yeah we can get land for about 1500 to 2000 a acre. In the country here. We are about 20 mins from most big cities in our area.

#5 TMacK

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Posted 02 October 2006 - 12:27 PM

In the Okanagan area (where we live) of British Columbia,the housing prices have gone thru the moon in the last few years.All the people that can't afford to live in Vancouver anymore,are moving/retiring up here,where it's a bit more affordable.But unfortunately,it's getting less affordable the more people move up here. The prices are driven up because of the influx of people.
Fourteen years ago,we bought just over one acre,over looking a lake for twenty grand.Like you cowsgonemadd3,it's about 20 minutes away from town.We built a house ten years ago.Had it appraised for insurance purposes a little while ago at a whopping can you believe,over 300,000!!!
So thats half of what a home in Vancouver is selling for. Unreal!!
Building your own house can save you alot of money cowsgonemadd3,so you should definitely stick with that plan.
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#6 jgweed

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Posted 02 October 2006 - 12:39 PM

Living away from "hot" areas and large uban centres, you can get much better value. Something close to 3,500 sq. feet on 2.5 acres for around 150,000, with absurdly low property taxes is not a fantasy if you are willing to commute 2 hours each way to work and give up DSL.
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#7 cowsgonemadd3

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Posted 02 October 2006 - 03:37 PM

Yeah but you can get satelite internet...ha ha for 50 bucks a month about 20 bucks more than dsl of the same speed.


Yeah I want to build my own home or design it and have a team build it. Looking to build one cheap.

I want to get a basement area or living area with a movie projector and comfy seats for movies with friends and family like for Christmas vids and pics being displayed.

#8 Heretic Monkey

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Posted 02 October 2006 - 04:20 PM

Out in the suburbs of NC (around goldsboro), my parents bought a house for a little over $250,000. I'm not exactly sure what the square-footage of the property is, but it's 3 bedroom, 2.5 bath, 2-car garage and a bonus room, in a very nice neighborhood with a fairly big yard.

The Vancouver average price is pretty scary, though. There's no way i could afford to live up there. But i just realized that canada's dollar isn't a 1-1 to america's dollar. Any idea how much that would be converted to the USD? I'm no good with currency comparisons...

#9 ddeerrff

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Posted 02 October 2006 - 04:25 PM

At current exchange rates, 705,000.00 CAD = 632,058.81 USD
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#10 Heretic Monkey

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Posted 02 October 2006 - 04:44 PM

Oh....... so it's still nothing too cheap...... lol. That's still really pricey for me....

#11 boopme

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Posted 02 October 2006 - 09:00 PM

How much do I need to earn for this house .. well for fun the #'s are about this: in USD.

700K home....Assume 20% down. Financing 540K @ 5.8% = $3285.82 per mo. for 30 years. =39,400/ yr .... This is with out taxes / utilities approx. 1000/mo .. adjusted + 50,000 yr. Just gotta add some furniture and feed and clothes yourself. Oh yes the bride and younguns too..
There are other amenities to consider such as a vehicle and insurances.

But on the bright side your estate value should double every 6-10 years. The numbers we are seeing is closely related to runaway inflation and real estate cycles. In other words the price of homes doubles. I started with an 80K some 20 years ago. Now into my third home it's 650K,2800 sq. ft. on 3.5 acres.(6 months ago). Buy 80K sell 175K. Buy 225K, sell 525K. Sold the last 2 at about double the buy price,within that time range. Could sell this one now for +25K. Can easily see this house selling for 1.2 mil in 5 or 6 years.
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#12 Orange Blossom

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Posted 05 October 2006 - 02:03 AM

I guess I lucked out a bit. I live 12 miles from Bloomington, IN and 12 miles from Bedford, IN.

5 acres + a smallish house purchased at $91,900 in 1999. No DSL out here and way too expensive for me to get cable installed and to pay for after it's installed. Satelite is out of the question: I live in a forest with lots of wild critters. Imagine what a herd of deer would do with the reception. Being on the end of the phone line means that anything at the end doesn't get replaced unless it absolutely has to. There's a bit of phone line our repairman has tried to get the company to replace for the past 2 years. That bit is over 30 years old. I have to have my phone lines on surge protectors. I lost 5 phones and 6 answering machines in the first two months I lived there caused by shorting in the phone lines. I've gone through about 15 phone-line surge protectors in the time I've been there. I try to remember to unplug the input phone line from the surge protectors during storms which has cut down the rate of surge protector fry out.

There are a lot of expensive homes in the country and in town out here. Prices at $250,000 and $350,000 are not uncommon, and there are a lot of homes in Bloomington between $100,000 and $200,000.

Out here, folks who bought homes in the country to save money, are now having difficult times because of the higher gas prices. Many of them are getting assistance from food banks.

And renters hardly have a prayer to save up enough money to buy a home. The rent takes up such a large percentage of their income, their just is no way to save up for a home. Habitat for Humanity has helped out some families, but the need for this kind of help is incredible.

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#13 jgweed

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Posted 05 October 2006 - 11:05 AM

OB--I live just outside of Toto, having moved from northshore Chicago almost a year ago, and commute easily two hours each way now to work. I certainly know about power interruptions, which occur just about every time there is a good rain, and dial-up woes.
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#14 Orange Blossom

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Posted 05 October 2006 - 03:51 PM

and commute easily two hours each way now to work.


Wow, that's a long commute, 4 hours out of each day, and let me guess: you have to drive it because public transit isn't there out in the country. The gas costs lately must be terrible for you.

Fortunately, our electricity is in better shape than the phone lines, though we still lose power frequently during storms. We keep a goodly supply of candles on hand.

I think I saw a number of houses around in the $65,000 range around here, but these houses are on extremely small lots, from my perspective, and generally either are pretty small or are in need of extensive repair.

BTW: average apartment rental around here is about $600/month. Many mortgages here are actually less than that until you get to the really expensive homes or if you don't have a decent sized down-payment. That's one of the reasons it is so difficult for renters to get enough money to buy a home. Average wages are perhaps $10/hr. and many are at $7-$8/hr. There are several salaried positions ranging from $25,000 - $35,000/year but still....

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