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Originally Posted by Tapioca
I understand where you're coming from. I did the Skytrain commute from Brentwood to my office downtown for 8 years. A half-hour commute is ideal.
As most Econ professors will teach you, there's no "free lunch". You either pay for it in cash, or time. As others have said, Brentwood is very hot right now. You can get a good return on the equity you've built in your condo if you sell it today. Based on your income, you and your husband can go all in and buy a stacked townhouse on Commercial Drive for 850-900K. Huge risks with that of course, but if you really, really want to buy, then that is the risk you have to take. Even renting in today's market is fraught with risk. So is putting your equity into the market and hoping for 6-8% after taxes over the long term.
Or, you could buy something like this for 500-525K:
458 Carlsen Place - r2056094 : Port Moody Townhouses, Port Moody Townhomes : Portmoodytownhouse.com
Minutes away from the water, shopping, and the future Inlet Centre Skytrain station. Good schools in the area and a median household income over 100K. Save the rest on what you would have spent on your mortgage and put it into your future children's RESPs, passive index funds, etc.
I think it's very tough to make the jump from condo to freehold, detached unless you're going from Yaletown to somewhere like Pitt Meadows. It is what it is. |
I agree - there is no free lunch. Time is money, just depends on how much you value your time.
Thanks for the feedback - just need to think about it some more. Crazy how insane prices are going now.