Quote:
Originally Posted by itsallaboutgz
Lots of good information on this thread. I am thinking on purchasing a pre-sale apartment to live in the Fraser Valley area where prices are not as high as the city of Vancouver. It would be strictly for me to live in and I would be putting 20% down. I have worked out my monthly mortage+strata+other housing costs and it would cost approx 30% of my gross monthly income.
On paper everything seems doable. My question I guess is whether I should hold off for another year or so or jump in this winter as I would very much like to move out ASAP. I know that the prices are very much inflated, but in the Fraser Vallery area, what is the likelyhood that it will dip a significant amount?
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Sounds like you're in a good spot.
If you're at 30% of income you've got some wiggle room, so that's a huge plus.
Prices are inflated everywhere, including the valley. Its just prices are less in the valley, so when it takes a 20% dive it won't seem like losing $200K on a $1M home, it'll be $60K on a $300K condo. Still hurts, yet doesn't seem as bad.
The thing to ask about the valley is what happens if the economy tanks. Do jobs dry up? Do people move away? If so, housing could actually suffer more than inflated metro Van.
Eventually we all want to own a house, and if you're staying 5-10 years at worst you'll probably break even, no housing slump, even in Vancouver, has lasted > 7 years.