“I was just eating breakfast at a little resto in E. Vancouver and I heard the waitress talking to one of the customers about how she just got herself a Realtor(tm) and has been looking for an apartment to purchase. She looked maybe mid-twenties and talked about how she’s tired of throwing away money for rent, she found a place for 178k (I think that’s what she said), and she has a friend that will rent some space from her. She might be moving to Vernon, though, so she’ll just rent the whole place if she does.
This is who buys real estate in this city? I cannot believe that a bank would give her a mortgage. She’s a server at a cafe. She said she’s pre-approved for 250k, but thinks that’s too much, so she’s being conservative! what can you buy on the east side for that kind of money, anyway? I find this; and the Maint fees are 500 pm. Sheesh.:
#502 – 175 E BROADWAY Vancouver. MLS V905512
437 sqft; condo/strata
Ask price $177,000
Maintenance Fees: $498.40 Monthly”
– Oilman at vancouvercondo.info October 12th, 2011 at 11:43 am
Yes, this is who buys RE in this city. Or, more broadly, individuals at different income levels over-reaching to a degree similar to this.
And, wow, those are pretty remarkable maintenance fees, they come close to the mortgage payments (with 10% down, 3% rate, 30 yr amort., monthly payment is $670).