First time buyer regrets

A new report from TD Canada Trust shows that many first time home buyers wish they had done things differently.

Despite being the single largest purchase of most peoples lives, research doesn’t seem to play a big role for most first time buyers.

More than half of those surveyed said they would have preferred to have a bigger down payment and bought sooner.

Many first-time homebuyers said they could have been better prepared and more thorough when budgeting, the poll found. Thirty-seven per cent of those surveyed did not budget for ongoing costs such as maintenance and utilities, while 17 per cent overlooked some of the one-time charges like inspection fees and five per cent didn’t budget for anything beyond the down payment and mortgage payment.

That article quotes a mortgage broker who advises that you make sure you’re able to make the monthly payment, don’t worry so much about the down payment or the timing of your purchase.

Some of the extra costs that some first time home buyers don’t seem to be budgeting for are inspection, appraisal, property transfer tax, legal fees, CMHC fees, Strata fees or mortgage rate increases.  Then of course there’s ongoing maintenance and insurance.

I suspect a ‘bigger down payment’ will always be on the wish list, but if the Vancouver market does the bubble pop dive you may see the ‘bought sooner’ wish drop right off there.

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By Patriotz: Financial responsibility is a life skill and like other life skills it can only be effectively taught by parents. The problem is that we are now several generations away from times when it was really crucial (1930′s/WWII) and parents can’t teach their kids skills that they don’t have themselves. I listened to my mother’s stories of poverty and illness up north in northern europe, I heard some stories of how poor people were, how some winters sometimes babies were given to the Samis, old native population that knew how to survive the winters and live off the land and reindeer herding. They were asked to keep these babies over the winter and to brig them back in the spring, just so these babies would survive, as the parents were too poor to ensure the childs survival over the… Read more »

Realtor says

Haha buyers don’t strike. They just gobble up everything.

Bilbo Bloggins

Why that’s even more stupid than the buyer’s strike a while go.


@Realtor says: Yeah,there is a lot buzz in my neighborhood. The market really picking up nicely after the little summer lull.

Realtor says

No further increase in inventory this year. Sorry :/

Bottom is already in.

Market prices to significantly rise in the fall.

Forecast 20% price appreciation by end of 2012.


A couple of things. This is late so I may repost on the overnight update.

1.) Sales are down from July but not really stopping like it looked like at the beginning of the month.
2.) Some key reasons are that price decreases are bringinig out some buyers and this is causing a bit of a spike. I am seeing most Richmond sales coming in now at 15% below assess.
3.) There is still a very negative mood in the condo owners. They are down in the past 5 years really and this is our move-up buyer pool.

Inventory is down from July. We should see the inventory however increase and top-out in either late September or Late October.


We pretty much plateaued in regard to the total listings. I don’t think that we’ll see 20,000 this summer



Ha! Or, to quote the reality TV show from Robocop:

“I’d buy that for a dollar!”


Some ideas for upcoming reality based TV shows:

“Realtors WANTED”
“Sold Too Late”
‘My Beemers Out of Gas”
“Yaletown MILFS”
“This Is All Your Fault”
“Can I Borrow Some Sugar and $5,ooo”
“Thats Not My Signature”


Copied from PaulB’s number

 Date     Listing  Sales   S/L   Price(+-)  Inv    Inv(+-)
Aug-01      258     61    23.6     99     18,708
Aug-02      182     49    26.9    114     18,740    32
Aug-03      202     93    46.0     92     18,799    59

Aug-06        0      0       0      0	     -
Aug-07      232    113    48.7    128     18,784   -15
Aug-08      210     49    23.3    105     18,851    67
Aug-09      195    120    61.5    119     18,816   -35
Aug-10      169     96    56.8    118     18,806   -10

Aug-13      206    103    50.0    124     18,788   -18

Total-Cur 1,654    684    41.4    899               80
7-day avg   145     69    47.5     85               -2
Total-EST 4,256  1,921    45.1  2,426     18,760    52

McLovin – I can find the Phoenix numbers for you later. It is up 38% in last 6 months. Don’t be jeolous. Garth said buy America 🙂


Patriotz – yes, finance is best taught as home, but as you point out, parents may not have the skills to pass on. That leaves the education system as the next place where they should pick these skills up. I do agree that it almost seems to be an intentional oversight on the part of those in power. And comparing to Sex Ed is apt, I would rather have an unbiased 3rd party teaching kids about safe sex than “Aunt Gertrude” the prude or Mother Molly who thinks it is a sin to have sex out of marriage. Kids are waaay better off getting the straight facts. Joe Blow – interesting that you would assume that I do not know what poverty feels like. And an incorrect assumption. I will give a nod to the fact that it is possible… Read more »

Best place on meth


Yes, MOI is usually higher in the summmer but scroll down the page a bit and look at the sell through rates last August.

MOI then was about 1/2 of what it is today in most areas.


@Anonymous: #70,
i enjoy poking at these armchair economists. this particular one cannot survive in any city he had lived in. and yet he tries very hard to prove that he is the smartest! I wonder if he even employed since moving to ottawa.


Looks to me like inventory is tracking 2008 almost exactly which puts it 15% higher than any other year in recent history.

This has to be scary for the bulls.


“phoenix prices are up 38% in the last 6 months”

Avg price Feb $97K
Avg price today $104K

Nice math.

AG Sage

@Anonymous: My joke works either way. Yours doesn’t seem to.


phoenix prices are up 38% in the last 6 months


you are comparing amazing phoenix to rainy bc?


Teddybear Says:

August 13th, 2012 at 11:41 am

That guy did NOT grow up in Vancouver’s West Side. His grammar says it all.

It’s possible…..there are some people who live 2 inches west of Ontario Street such as 20 West 41st Ave brag they live in “Vancouver’s West Side”


@Best place on meth: Meth, as much as I love that prices are indeed correcting, is not MOI always higher in the summer using such a small sample period?


@Vic: Look at PHX in the first couple of years of correction. Same thing happened…But in the end fundamentals always win.

HAM Solo

@ Vic

obviously … it’s different there 🙂


Victoria has 10 MOI and prices are rising. What does that say?


” Davidoff correctly pointed out that affordability of ownership and renting are two different things”

Which means there is a bubble in Vancouver. So why not just come out and say it?

He also doesn’t seem to notice mortgage rates being subsidised via mortgage guarantees.

Gutless is as gutless does.