Olympic Canuck

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About Olympic Canuck

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  1. Advice: Vancouver condo vs House in the Tri Cities

    Thank you all for your feedback; these are all very valid points and useful information to keep in mind for us. You're right, the distance from our families and friends is the biggest con to moving to the suburbs. And it is, admittedly, something we've probably not given enough though in terms of just how big of an impact it'll have our lives. At this point we've accepted that distance from family and friends/ social lives will be impacted and "we'll learn to adjust". Needless to say that's going to be much tougher in practice of course. It would also be nice to cancel my gym membership (assuming the building has a workout room) and not have to worry about "maintenance work". My concern with going with the condo in Vancouver/Burnaby route is what if in say 5 years when we're ready to have kids and upsize to house we can't sell the condo for a decent profit? The condo market on Vancouver and Burnaby is growing out of control (there's literally new developments going up everywhere). I assume this saturation will have an impact sooner or later. The second reason is if we don't purchase a house in the suburbs now, we may be priced out in 5 years. Detached houses in pretty much all of the Lower Mainland are jumping up in price on a monthly basis.
  2. Advice: Vancouver condo vs House in the Tri Cities

    You're right, a house is undeniably our preference. But that's hard to keep in mind when you put a beautifully renovated, 5 year old condo up against a house that's 30 years old and will likely cost us an additional $10k-$20k to renovate and furnish. And I haven't done the math yet but I would think the cost of commuting from Coquitlam/PoCo to Vancouver adds up in terms of gas/car maintenance. I suppose we do have the option of purchasing a condo in Vancouver or Burnaby, holding it for say 5 years then selling and using profits to upgrade to a house in the Tri Cities? Is the growth potential even feasible? Speaking of furnishing, does anyone know how much it truly costs to furnish a house from scratch? We're both moving from family homes so we literally have zero pieces to bring with us. We are not against using "budget" places like Ikea or second hand places as long as quality is not entirely sacrificed. This will also factor into our decision, I guess, as we don't have additional savings on top of our down payment set aside for this.
  3. Hi everyone, My girlfriend of 5 years and I are at a point in our lives where we're ready to purchase our first home together (and hopefully tie the knott soon after!). We both are settled into our full time careers and are making decent livings. As you all know, our beautiful city here is not exactly friendly turf for first time home buyers. The prices are ridiculous to say the least. That being said, we are pre-qualified for up to a maximum of $700k. We're currently trying to decide whether it's a better idea to purchase a condo in Vancouver (or Burnaby) or move out a bit further and get a house in Coquitlam/Port Coquitlam. Can any of you give us advice on things we should consider in our decision making? Or even if you can share your past experience with purchasing a home for the first time - that would also be useful. Some reasons we want to stay in Vancouver and get a condo: -closer to our families -I work in Vancouver so commute is much better (although this is something I'm willing to sacrifice if it means better properties) -we're pretty sure $600k-$700k can get us a very nice,"new",fully renovated condo in both Vancouver or Burnaby (vs a 20-30 year old house in the Tri Cities) -we assume growth potential in Vancouver is much higher (even though it's condo vs house) -fairly easy to rent out condos in Vancouver/Burnaby Reasons we want to move out to Coquitlam/Port Coquitlam/Port Moody and buy a house -we've always wanted a house together and both of us come from families that haven't been able to own a house. It's a bit of a goal to be the first ones in our families to change that. -more room to grow into: we're likely to get married in the next year or two and I would imagine kids wouldn't be too far behind that. -we like the idea or having the privacy a detached house offers (vs being surrounded by neighbours on all sides in a condo) -a house offers opportunity for rental income to help with mortgage(assuming it had a rental suite) -girlfriend works in Coquitlam so commute for her is better -don't have to pay monthly strata fees -way more freedom to decorate, renovate, and otherwise alter the property where as in a condo you're bound by contracts and limitations -you actually own something other than four walls and a roof in a house Any advice you can throw our way is appreciated! Thanks in advance!