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| Subject: Buying a single family home in Vancouver |
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Hello Vancouverites and all,
Recently,I,along with my family, visited Vancouver from US to kick in my PR status.My family liked the place and we decided to settle in Vancouver.Now I am back in US but planning to move permanently to Vancouver by the end of this year.
Currently I have a temporary address in East 41st street in Vancouver.I am an IT pro.and in search of a good job related to my skillset in Vancouver only.
Meanwhile,I am planning to buy a single family home with a builtin area of approximately 1800 sft in Vancouverand its vicinity.The areas I am interested are Bournaby,North Vancouver or West Vanc. as I was told theese cities have safe and peaceful nieghborhoods and also good transportation facilities.
Could any one on this forum through some light about how much a single family home will cost in these areas and how it works out and
what would be the initial down payment.
Are there any other peaceful areas worth considering for a living.
I do not have credit history at all in Canada as I am a new immigrant
but I have a good credit history in USA.
Please advise.
Your inputs ´ll be greatly appreciated.
Thanks.
-Anu.
[29-07-2005,15:42]
[***.74.155.50]
anu |
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(in reply to: Buying a single family home in Vancouver)
Average house in North/West Van, 700,000---900,000
Burnaby, 500,000--600,000
If you can show your income to the bankers/mortgage broker,
Down payment can as long as 5% of your house price, of course you have to purchase mortgage insurance if it´s none convention mortgage (down payment less than 25%)
PS: in Vancouver, you might be qualified for 0 down payment,
However, I do believe there will be a lot of condition on that.
Not sure how your case will go, it doesn´t harm to inquiry from mortgage broker, since you don´t pay them commission to ask information. Bankers don??t care if I am a drug dealer or big daddy, as long as I can show them my income, they gotta give you mortgage, just kidding.
Do you have house back in the states, if you decide to move to Vancouver, why don??t you sell your house to be equality?
Hopefully, my information helps.
To understand basic Canadian real estate market information, please check out www.cmhc.ca Canada Mortgage and Housing Corporation 1-800-668-2642
Order some free publication.
[29-07-2005,15:54]
[**.66.78.44]
departure bay |
(in reply to: Buying a single family home in Vancouver)
Hi DB,
Thanks for the quick response with great info.You are one of the few good resourcefulls on this forum.
I do not own a house in US and I defenitely consider the facts you furnished before jumping for it.
Please provide me with any useful info or links if you come across in future in this regard.
Thanks again.
[29-07-2005,16:18]
[***.74.155.50]
anu |
(in reply to: Buying a single family home in Vancouver)
CMHC can mail you some useful booklet.
If you consider peaceful place, Vancouver´s property is just way too expensive, I can´t own house over there anytime soon.
You should consider Vancouver Island. It??s peaceful too. Well, if you are really rich, Vancouver the best, of course, haha.
Hey, once you decide where you wanna relocate, please contact Chamber of Commerce of that city, usually they have free relocation package for you, ready to mail them to you anytime.
[29-07-2005,16:29]
[**.66.78.44]
departure bay |
(in reply to: Buying a single family home in Vancouver)
here is my bit... West Van is expensive- period. there is also no significant work opportunities. North Van is a little better. However...there is big drawback to both locations. You are a bridge away from downtown Vancouver and public transportation (especially from west Van) is poor.
If you want to work in the downtown core, have a look at areas around the skytrain. Consider the Commercial drive area. It is kinda funky.(if you are in to funky) Another consideration, which is significantly less expensive, is Richmond. while Richmond is also connected to Vancouver proper by 3 different bridges, there is also a good inventory of IT companies in the community which might help you avoid a serious commute. In addition, Richmond has a fast bus service from downtown to downtown and will have a brand new metro service (worth billions of dollars) that will finished in time for the 2010 Olympics.
I work close to downtown (Broadway and Granville area) and I commute from Richmond. what that means is only 1 bridge to cross. (if I was going right downtown it would be 2 and another 15 minutes) By car, during the morning rush I am about 40 minutes. It is not a cyclists commute. Non-peak, I can be at work in about 20!
Then there is Surrey. There are some nice, safe areas. There is also an increase of business location in the area because of cheaper rents and property taxes. Do not be afraid of Surrey.
What sort of IT work are you looking for? Do you want a strong ethnic community to be around? The Indian and Vietnamese community tends to hang out in South Vancouver and Surrey. Chinese love ´Rich´mond. The Persian community seems to have congregated in North Van.
hope this helps
http://www.realtylink.org/
www.mls.ca
[29-07-2005,16:49]
[***.20.170.23]
sharon |
(in reply to: Buying a single family home in Vancouver)
Sharon, may I ask you a question?
Do you drive to work or take 98-B line?
or park and ride?
I like Lower Mainland´s transit service, fast and reliable.
it took me less than half hour from Delta to Burrad by transit.
Park and ride for sure is great for people who wanna own car
[29-07-2005,17:22]
[**.66.78.44]
departure bay |
(in reply to: Buying a single family home in Vancouver)
I need my car during the day for work so I drive.
[29-07-2005,17:41]
[***.20.170.23]
sharon |
(in reply to: Buying a single family home in Vancouver)
IS the cost of living in B.C. more expensive than Toronto?
[29-07-2005,19:12]
[**.17.23.141]
Pugsly |
(in reply to: Buying a single family home in Vancouver)
do you have any idea how big BC is? I think you are wanting to compare the city of Vancouver to the city of Toronto... I am told housing is more expensive in Vancouver. But you are buying a much nicer quality of life.
[29-07-2005,19:23]
[***.20.170.23]
sharon |
(in reply to: Buying a single family home in Vancouver)
What do you mean by the "nicer quality of life"?
[29-07-2005,20:25]
[**.17.23.141]
Pugsly |
(in reply to: Buying a single family home in Vancouver)
Vancouver has ocean, mountains, little or no snow, lots of rain, never gets over 28C, you can jog year round, you can grow flowers 8 months of the year, and the air is the right colour!
[29-07-2005,20:36]
[***.20.170.23]
sharon |
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