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Buying your first home.

Thread starter #1

CanuckShooter

Wapiti Killer
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Average price of a home in Prince George eclipses $300k
The report said the average B.C. home sale price across this year will be $745,600, which is 5.1 per cent above 2017’s $709,577. BCREA predicted a further growth of 4.1 per cent next year, to $775,900.

How are people supposed to save to buy a first home? The prices rise between 3% and 5% every year...on the $300K average price in PG that means they have to save $9000 just to keep up with inflation. And all the while natural gas goes up 9%, ICBC goes up 6%...food costs are supposed to rise dramatically....rents are over the top...how is a young couple supposed to buy a first home with economics like this?

They need 10% down, or $30,000 for that PG average house...by the time they save the $30K they need another $900. And the numbers are even worse if you use the AVERAGE BC HOME PRICE.

Am I correct in assuming they will need help from family, or a lottery winning to get out of the rental rat race?
 

Foxton Gundogs

Admin./,Cedar BC
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The firs place I bought in PG a nice 3 bedroom mobile on 3/4 of an acre in the mid 70s up in Mt Alder was $14.9 K. How times change
 

Big Lew

This IS My Life
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Yes, it's a very scary situation for most young people beginning their lives.
Sure there are many that are able to jointly secure relatively high paying jobs which enable
them to save enough for their down payment, but their mortgages are astronomically high,
leaving them little wiggle room for much more...and it a terrible bind if one of them loses their
job for any length of time. Part of the problem is the high rental costs, much of it fueled by
people buying beyond their means and expecting to pay their outlandishly high monthly mortgage
by renting out part of their dwelling. Add in the often extravagant costs of modern people's
equally extravagant lifestyle to which they hope to pay for by charging those high rents.
This leaves those that don't have high paying jobs in a position of barely getting by because of the
high rent costs. Add in the speculators and investors that buy to make a profit while financing their
investments by charging as high rental fees as they can. It's always, and always has been all about greed.
 

Bow Walker

ADMIN/OWNER - JUMPING IN TO HELP.
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This from the CREA...talking about the average price for homes on PEI.

$209,246, up 3% from the first 10 months of 2017.

In 2016 it was even lower than that....being in the high $199K range.
 

ianwuzhere

Long-Time Member
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Ive been eyeballing houses the last while- soon want to be a first time home buyer- but I have this image in my head of a larger yard closer to town, space for a shop or a shop, average house -3 bedroom? with one bedroom suite or suite potential.
-Only problem is when see something the price always seems to be out of the range I am hoping, every year it seems to get farther away no matter how much save.. I would be in the same position 10 years ago with the amount I had saved then compared to all these more savings- still no further ahead- real estate has gone up a lot. I see some real estate agents putting a house that looks like a tear down up for hundreds of thousands... When will the increases stop?
 

Bow Walker

ADMIN/OWNER - JUMPING IN TO HELP.
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It's the way of the real estate business Ian - up and down like a pair of britches.

If you have the where-with-all then I'd say jump. It will only appreciate with time.
 

Big Lew

This IS My Life
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Well, I'm sure glad I bought a house when I did before all this craziness.
If I wasn't such a coward when it comes to speculative investing, I would
have done what many I know did back in the 60's and 70's and bought
additional houses. Not complaining though, while a lot of those that did
so, putting themselves in tight financial circumstances, my wife, kids and
I got to do a whole bunch of camping, exploring, traveling, hunting, fishing,
etc, etc. that they weren't able to.
 

Foxton Gundogs

Admin./,Cedar BC
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When I came out of camp in 67, my Gramps offered to sell me his house for $11 K it was right around the corner of 11th ave and Dewdney on a acre :Doh!:. I also had the opportunity of buying the rental I was in in 72. for $25 K it was on 5 acres on 72nd ave right next to the graveyard in Newton, DOUBLE:Doh!:
 

Big Lew

This IS My Life
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Paid $18,900 for our plain little 2 story house on a 65'x126' corner lot in Mission
in April 1972. Could have bought the lot behind us for $5000 which was within
our means. Regret that, but in reality, we probably would have sold it long before
the recent insanity of price increases.
 
Thread starter #12

CanuckShooter

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Around 1969 my parents bought a house with half down, and they managed to pay off the other half in 2 years. He worked sporadically on pipeline and pulpmill construction. I don't know anyone that could pull that off today with the prices of houses the way they are. Even with my top of the seniority list income I couldn't pay off $150K in 2 years on an average PG home these days.
 

olympia

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There may be a slight "correction" in pricing since we have pissed off the Chinese by arresting the Huawei cfo, rich Chinese business people have been told not to travel the states and even Canada in some cases for dear of being arrested in Canada or the states and being charged for something they didn't know they were doing wrong is the perception being fed to them. I predict many will sell their Canadian homes over this since they are pretty much done laundering their money thru our real estate anyway.
 

Big Lew

This IS My Life
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There may be a slight "correction" in pricing since we have pissed off the Chinese by arresting the Huawei cfo, rich Chinese business people have been told not to travel the states and even Canada in some cases for dear of being arrested in Canada or the states and being charged for something they didn't know they were doing wrong is the perception being fed to them. I predict many will sell their Canadian homes over this since they are pretty much done laundering their money thru our real estate anyway.
I would instantly be banned if I were to type my personal thoughts on the matter.
 

Piperdown

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Jordan River
When I came out of camp in 67, my Gramps offered to sell me his house for $11 K it was right around the corner of 11th ave and Dewdney on a acre :Doh!:. I also had the opportunity of buying the rental I was in in 72. for $25 K it was on 5 acres on 72nd ave right next to the graveyard in Newton, DOUBLE:Doh!:
Ha ha that was right in my neck of the woods in Newton, lived in that area for my first 28 years. My mom and dad are in my house i built when i was 25 (1986), total all in property and house 94k, property next door just sold for 1.1 million :Yee Ha:
 

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