Originally Posted by Eff-1 (Post 9131647)

We're a family of 3 and been looking for a detached home in North Van for a few months now. Our budget is entry level so, so that means $1.5 - $1.8. To have a chance, your offer needs to be subject-free.

And for that money, you get is a 50+ year old house that has never been updated, with tiny bathrooms, tiny closets, no master ensuite, single pane windows, and no garage. If you're lucky, a carport.

And yet, here we are. We've put offers now on a few places and lost out each time. It's literally every penny we have. Cash. Stocks. All of it. It also assumes we'll be able to sell our condo above a certain amount, once the time comes to list it.

Once we buy the house, we'll be starting all over building our savings. We're really not used to that, we've always had enough disposable income to do whatever we wanted without stress. Now it will all go into the house. The hope is we'll eventually be able to renovate and update it, but not for a long time. Maybe 24 months away.

Yes, there are less expensive areas around, but we love it on the North Shore, my family is close by, our kid goes to daycare here, etc etc. It's our home.

It's mind boggling. What a world we live in.

Originally Posted by Hondaracer (Post 9131720)

Work hard your whole life, actually exceed your life goals, save up substantial capital to buy a home you would have never thought you’d have 10-15 years ago, and now use that sweat and hardship to buy some 50 year old dump and “settle” for a half ass housing situation you’ll never pay off.

Canadurrrr

So many people here seem to be in the same situation. You’ve actually killed it at life, people who graduated high school in the early 2000’s or later would have never dreamt of having millions of dollars in assets or grinding for a 200-300k per year job, you’ve exceeded all expectations and killed it.

And now you’re living worse than people who made a quarter of what you’re making 25 years ago.

Originally Posted by 68style (Post 9131737)

I mean... it's just Vancouver/some parts of BC/Toronto isn't it? Not Canada as a whole.

Originally Posted by 68style (Post 9131743)

Have you considered going somewhere else that's profitable, ie: Ladner or Tsawwassen and living there for like a few years and then making a % gain there that couldn't be attained elsewhere and then going back to North Van for your forever home.

I do hear what you're saying, but at the same time if there's nothing available and everything is sold fast with no inspections at above your budget... that isn't going to change?

Originally Posted by Gerbs (Post 9131742)

I do a routine quick search looking at N.Van / Squamish / Coquitlam / Burnaby / Richmond / Delta / Some surrey.

It seems like there's not many amazing homes for $1.5-1.8M.

Someone please post some nice one's so I know which area to look in. But to my knowledge it's mostly older homes at that price range no matter where we go.

Decent homes were in Langley / Chilliwack but they were tiny for suburb standards.

Originally Posted by 68style (Post 9131737)

I mean... it's just Vancouver/some parts of BC/Toronto isn't it? Not Canada as a whole.

Originally Posted by 68style (Post 9131745)

I mean, I don't know what your definition of "amazing" is, and I only ever looked in Tsawwassen area myself / sometimes Lander, but there's plenty of places in that range these are all in Tsawwassen:

https://www.realtor.ca/real-estate/2...ta-place-delta

https://www.realtor.ca/real-estate/2...a-street-delta

https://www.realtor.ca/real-estate/2...crescent-delta
.

Originally Posted by 68style (Post 9131747)

Unfortunately the culture has shifted people came from abroad with different ideals than your average Canadian about land being the biggest and best form of investment there is... and they turned it into a circus here... but now all the Canadians are also developing that mindset and trying to do the same thing... so it's just getting worse and worse as people with money buy up multiple properties to try and cash in on the same "homes are investments" mentality.

Originally Posted by Hondaracer (Post 9131758)

I know it’s obviously different from person to person but I have a few friends who’s parents/step parents are KINDA “old money” or are very wealthy from business in the 60’s/70’s/80’s. Some own incredible waterfront homes in west van etc.

Outside of purchasing vacation properties, every single one of them never even considered just hoarding property as any sort of investment tool, as until recently, (last 20 years or so) it was a terrible return for your wealthy individual

Then the money laundering came along and homes became commodified as a tangible asset when your cash was at risk, and that was the end for the vast majority of people.

Originally Posted by JDMDreams (Post 9131780)

Oooo 30y amortization for cmhc and $60000 hbp now