Looking for a house in BC (Fraser Valley) - Half a million for what???

[andsoitgoes]

Originally Posted by trilinearmipmap

Wait a couple of years until the real estate bubble crashes.

The overinflated prices make sense in West Vancouver or the west side of Vancouver. The prices do not make sense out in the valley where there is an endless supply of land.

For now it makes more sense to rent than to buy. That alone should tell people that real estate prices are out of line with reality.

Our concern here is that it's not going to crash for at least another 10 years, look at what happened after expo 86, and with the 2010 olympics, it's going to drive more people here - well, at least that's what investors see.

I figure if we can find a place for the mid to high 400k in Langley (primarily brookswoood) I'll be happy. I do find it frustrating that houses which went for 325k in the Queen Mary part of Surrey are now going for 25% more on average.

As for there being unlimited amount of land in the valley, after spending the while we have searching, it ends up being broken into decent sized houses on tiny little lots. It's very frustrating.

If I continue to rent any longer, dumping 1200 a month into someone else's mortgage, I'm going to scream. I won't pay 560 for a house that's worth next to nothing, but I really wonder if paying 460 for a place on 3/4 an acre is that bad a deal?

[Chaloupa]

hey Nick...good luck to you...houses here are the same thing..we bought ours (which is exactly what you are looking for but in Campbell River) for $236,000 and now less than 3 years later it is appraised at over $400,000!!! Sad, but true...we're just glad that we bought when we did~ Hopefully you will find what you are looking for!