$300K homes across the Lower Mainland
Each week, I profile Absurd Properties in Vancouver. As a point of comparison, I wanted to see what would be available throughout the Lower Mainland for a family with $300K to spend on a home. My requirements:
- At least 3 Bedrooms
- At least 1 Bathroom
- Price must be $300K or under.
Here’s what I found:
Vancouver
Surprise, surprise. It’s not a house. I couldn’t even find a townhouse within this price range.
Good News: Common gardens and facilities including a gym, pool and ping pong room (yippee!)
Bad News: Strata fees are high at $395/month
North Shore
Wonder if that well out front is functioning?
Good News: This mobile home was the only property within budget that I could find on the North Shore.
Bad News: $620 monthly pad fee (includes cable!!).
Maple Ridge
Good news: A house!! For under $300K!!
Bad news: Needs updates and foundation work…$$$
Mission
Mission…home to Stave Lake, Westminster Abbey and Hemlock Resort!
Good News: Cute heritage-style house on a massive lot walking distance from the West Coast Express.
Bad News: Forget about walking anywhere (other than the train) for anything but pleasure.
Chilliwack
I
We were on vacation recently and met some really nice folks from Chilliwack…they say it’s a great place to live.
Good News: You get a lot of house for 300K here!
Bad News: Watch out for cow patties!
What are your thoughts…is $300K a good price mark to search for homes? What range are people really looking in out there? Are we willing to sacrifice space for location? Please share!
We are indeed willing to sacrifice location for more space. My family and I are in the midst of a move from Burnaby near SFU to Mission. A big leap to be sure, but so much more to offer the kids.
The $300k price point is very realistic for most young families looking to get into the market…it is a very popular price point for young singles, couples or families just starting out…the “first-time” or “move-up” buyers.
FYI I just did a search including Surrey, Langley and Abbotsford and there are 14 detached homes with min. 3 bedrooms currently listed under $300k. And hundreds of 3 bedroom townhouses in family-oriented communities with yards, including many very nice brand new ones.
In closer-in municipalities, $300k will buy a one or two-bedroom condo, depending upon location and age. Still a very acceptable choice for a young single or couple starting out.
There are options at that price point in basically every municipality, ranging from a one-bedroom condo in Vancouver to a single-family house in the outer suburbs.
If you do the math, $300k with 10% down = roughly $270k mortgage, at today’s rates is a mortgage of $1,120 per month. Add taxes and maintenance and you’re probably at about $1,350 or so which is likely less than the cost of renting the same place and you’re building $500/month equity by paying down pricipal.
Nothing about this seems that absurd to me!
Patience… this list will grow dramatically over the next two years.
Just a comment that you also have to add strata fees to Richard’s monthly payment in Vancouver and any close-in suburb – at least $250 more. So crank that up to $1,600/mo. for a 1 or 2 bedroom condo and now it’s realistic.
I had accounted for strata fees when i referred to “maintenance”. Strata fees on a typical townhouse is much less than $250 per month. $1,120 + $80 (taxes) + $150 (strata fees) = $1,350 per month. And I don’t foresee prices for this type of product changing much as long as rents stay high due to tight supply and interest rates stay low.
Before arriving in Van I would’ve thought 300K might be attainable and even fair price, seeing that I bought a beautiful period home in a nice neighbourhood a few years back in the ever cosmopolitan Melbourne, Australia.. for 400K!
Now 2 years later in Van, am thinking you’d be hard pressed to find anything around 300K in the lower mainland, you might need to cross the border to get it.
Like, say….Bellingham?? I hear they have cheap milk, too! http://thethirtiesgrind.com/2012/08/14/quit-your-whining-bellingham-after-all-you-have-the-cheap-wine/
We’re in New York. Try $600k starting for a teensy weensy 2-bedroom, 1 bath within walking distance to public transit…and then add in a 40-minute commute by subway. That condo looks positively affordable and spacious to me.