Tag Archives: first time

Friday Free-for-all!

It’s that time of the week again, lets do our regular end of the week news roundup and open topic discussion thread for the weekend!

Here are a few links to kick off the chat:

Doors shutting on first time buyers
How many realtors is enough?
Vancouver RE plunges
Families leave BC
Housing affordability?
Moodys warn on Canadian debt
Sales/list Sept 2010-2011
Great new source for data
Toronto sales drop 12.5%
Kleptocrats flee china

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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.

Buy in 1 cubic foot at a time: CUBE!

Vancouver has a problem with affordable housing.

No matter where you place the blame: speculators, easy credit, housing bubble, foreign buyers – the problem remains.

As a first time buyer how do you get into the market?

How about one cubic foot at a time?

It can be tough to afford a 580 sq ft one bedroom apartment for $415,000 but anyone can find an extra $199 to get that first cubic foot and get in now!

It’s Real Estate 3.0!

This was posted as a submission to the reTHINK housing competition from the City of Vancouver and already the rave reviews are pouring in:

Doug Farmer says:

4 stars – Very outside the box thinking about something inside the box. Has 21st century written all over it.

Our friend YVR Housing Analyst says

A thoughtful submission. I like how they can stack; I, for one, would first have tried spheres.

And Flo says

This is the least creative solution I have seen submitted. I feel hopeless about my future just looking at this.
I agree with arch. This is not the kind of architectural experience that sustains a human soul.

So don’t miss out on your opportunity.  Get your single square foot in the market today!