Quote:
Originally Posted by Z3guy
A girl I work with downtown, told me she is buying a place in Squamish and communting...at first I thought she was nuts, but actually it makes allot of sense if you spend most of your time on the north shore and downtown. I would rather live in Squamish then Surrey.....
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A coworker of mine bought a house in Squamish during the recession for about 450K. He commutes downtown in a carpool which takes about 45 minutes each way. His family is pretty outdoorsy, so I can see the appeal of living there as it aligns with his lifestyle. I think Squamish has already jumped the shark, but the renovated highway (with no bridges nor tolls) makes it basically a suburb of Metro Vancouver.
People always cite the double-digit interest rates of the 1980s as an example of why it's not a good idea to buy. Let's face it - interest rates will never be in that range in our lifetimes again. I think it's prudent that you calculate your worse-case scenario affordability using 5-6%, but I just don't see interest rates going beyond that in the short to medium term. If interest rates were to climb back to the 7-8% range, everyone of working age in this country would be screwed. We all know that this economy sits on a house of cards, but for most of us who for various reasons are unable to where the jobs are on a dime, we're stuck with it. I guess if all else fails, you could live in an RV on Kent Street and manage your e-business/portfolio using the public library.