Your best bet is around the LOUGHEED mall area. There are some nice townhouses that can be had for around your budget.
We have a 1000 sq ft townhouse right now, and I know some people can handle this with two kids and a dog but we can't. We need at LEAST 1,300-1,400 sq ft. We also want to make sure that with only 20% DP that our purchase would be revenue neutral (or almost) if we had to sell in 5 years and rent it out.
Don't bother with TANDEM, OMA or any other condos on the other side of Willingdon (perspectives, watercolors). Have you looked at units at the Renaissance Towers - MOSAIC & FRESCO - Across from Save On and beside the Toyota Dealership. .They have large 1000 sq ft 2 bedroom condos with minimal wasted space. If you need more space and don't mind heading a bit east then I suggest Legacy Towers (on lougheed & Holdem) - skytrain at your doorstep.A little heads up, I've been looking through a handful of condos in the brentwood area, mostly look at 980 sqft - 1300 sqft with 2 or more bedrooms/dens for a family of four with 2 teens. They are much smaller than I thought they would be , especially with the misleading pictures that realtors take at certain angles. I think I'm going to wait for a while before buying any unit since brentwood will undergo a tremendous redevelopment over the next 4 years or so, and that is if I still want to stick around...Impossible to get a detached for your budget. Best bet is look for LARGE 2 bedroom condos. they have some in the Brentwood area - newer building with ammenities going up to around 1000 square feet. lots of 2 beds are only 700-800 so the size of 1000 is a good size to raise a familyAny thoughts on the detached market in these areas (N Burnaby; New West; Squamish) in the ~$400K range, commuting, opportunities to low-ball, inventory expectations, etc.?
IMO If there is a downtown in our economy & real estate, Burnaby and the tricities will hold prices better than Squamish.Again curious to see if people think Squamton SFH will hold value. It's an interesting market. I think if SFH VAn inventory continues to rise and values finally drop off 10-15%, Squamish will take a big hit, and fast. I think Squamish price support is probably around 15-20% off where it is now.
I think the bears have given this advice year after year...and we all know what happened.This is from a commenter "Bailing in BC Says" on Vancouvercondo.info:Arthur, just rent! The easiest way to pay off 100k of your mortgage in one year is to wait a year and buy 100k cheaper.
Hold on a little bit longer. Now is not the time to capitulate.
Some of the towers can be bought for under $500 sq/ft. See my previous post on the Renaissance towers - only 5 year old building.DAB, these days in the Brentwood, if you want a decent new highrise, be ready for around $500/sq.ft. and up.Best bet is look for LARGE 2 bedroom condos. they have some in the Brentwood area - newer building with ammenities going up to around 1000 square feet.
Curious,DAB, could you show some examples from MLS, please?
Following your recommendation, I found the cheapest 2Bd units at the Fresco (Renaissance towers).
They cost more than $400K:
# 701 2088 MADISON AV, Brentwood Park, Burnaby, $449,000.00
# 1304 2088 MADISON AV, Brentwood Park, Burnaby, $449,000.00
They are 964 sq.ft., 7 year old building, 7th and 13th floor (will be noisy, I guess).
Agreed~ OMA units are ridiculously small, lots of wasted space imho...Don't bother with TANDEM, OMA or any other condos on the other side of Willingdon (perspectives, watercolors). Have you looked at units at the Renaissance Towers - MOSAIC & FRESCO - Across from Save On and beside the Toyota Dealership. .They have large 1000 sq ft 2 bedroom condos with minimal wasted space. If you need more space and don't mind heading a bit east then I suggest Legacy Towers (on lougheed & Holdem) - skytrain at your doorstep.
I really appreciate all the input here.
Don't worry OneSource - we aren't going to buy something based soley on the opinions of one or two posters. But it really is good to get some insights from some of you who know the markets well.
Jesse - thanks for the VCI repost - I wouldn't have seen that. I do think the detailed listings tell quite the story over there. I had suspected SFHs were moving VERY slowly over there right now (as well as many other regions of the province) but didn't see the full stats package (wasn't posted on REBGV last I checked). I did hear the same thing from a friend living in Squamish though - that most of the inventory is in the $500-$700K range and NONE of it is moving, and he thinks it's going to put downward pressure on prices above and below that range soon. But that hasn't happened yet. Though even in the $400-$500 range where some houses are moving, in the past 4-5 months not one of the 10-12 houses we've been tracking has moved. None. So that also tells me to be patient.
I don't agree that we are being unreasonable with our expectations that $400-$500K can get a fixer upper starter home within 80 km / 1 hr of downtown... though I am starting to think ETB made a good call buying at the 2008 trough. I think it'll be an interesting litmus test to see where/what my eventual purchase ends up relative to the "near buy" I similarly made as ETB in 2008 - though we were aiming a bit cheaper (we were looking at $500-$550 in Van proper back then).