My Article in The First Time Home Buyers Guide (Summer Special Edition) Canadian RealEstate Guides.
I was interviewed a few months back by Brett Ruffell on behalf of the Canadian Real Estate Magazine. Brett was conducting some research on "Looking for a condo with a limited budget". He was looking for some answers on affordable opportunities in and around Downtown Vancouver area for First Time Home Buyers.
Brett interviewed myself and one of my past First Time Home Buying clients Daryl Gardiner. See Daryls Testimonial HERE.
You can find the article on page 52/53 of the Summer Special addition of The First Time Home Buyers Guide. Pick it up at any Chapters book store near you. Thanks again Brett!
First Time Home Buyers Guide (Summer Special Edition) Vancouver Article / Jay McInnes.PDF
Long shut out off the condo market by lofty prices, downtown Vancouver is now seeing a healthy influx of first-time buyers as mortgage rates have dropped along with prices. Rennie Marketing Systems, for example, marketed the first-presale offering in the downtown area in about a year in May. Called Richards on Richards, prices dropped for this development from $750 per square foot to $600 per square foot for the project.
Even with increased affordability, however, prices in downtown Vancouver are still amongst the top in the nation, with the standards being $300,000 for 450 sq. ft. studio, $350,000 for a one-bedroom unit and $500,000 for a one-bedroom and a den. Such prices limit most first-time buyers to a smaller unit. But Jay McInnes, a real estate agent with Macdonald Realty, says a condo’s layout should take precedence over its square footage. “People are stuck to 700 square feet,” he says. “Five hundred square feet and a good floor plan can be a lot more usable than 700 square feet and a bad floor plan.”
One developing area where first-time buyers can still get a good space for a more affordable price is Gastown, says McInnes. The area has many single-level lofts that sell for about $550-$575 per square foot, compared with $600 in the downtown core. “It’s not cheap but you’re not paying a premium yet,” says McInnes. For affordable properties, look at warehouse lofts converted in the mid-1990’s. Such properties can be purchased from around $400 per square foot.
In North Vancouver, specifically Burnaby and Richmond, buyers can find some more affordable prices. One exciting project is Burnaby’s Green, a collection of apartments dedicated to energy conservation with Energy Star appliances and windows, low emission wall paints and carpets, as well as water conservation plumbing fixtures. Residents moved into the first of four green apartment buildings in April and prices ranged from $450-$480 per square foot. Another project, Axis was completed in April and sold for $425-$450 per square foot.
Buyers looking 35-40 minutes from downtown in Port Coquitlam and Port Moody can find condos for $300-$375 per square foot. Some notable new Port Coquitlam projects include Shaughnessy at Lions Park, the environmentally friendly Altura, and South Verde. Some new developments in Port Moody include the low-rise Libra, the highrise Aria and Room Loft Living.
Top picks in Gastown:
Van Horne, 22 E Cordova, Delivered in 1996.
730 sq. ft. unit sells for $278,000. 16-foot ceilings, walking distance to Chinatown, business and shopping districts, the sky train station and the seawall.
Abbott Place, 233 Abbott Street, Delivered in 1996.
506 sq. ft. suites from $289,000. Heritage feel with the exposed brick, walk-in closet, nine foot ceilings.
The interview of my client:
Daryl Gardiner, 39, Art director, Vancouver
I had been renting ever since moving to Vancouver 10 years ago when the global recession hit, knocking property values in Yaletown down from about $600 per square foot to $500 per square foot. I had been saving for years and looking at the odd property but it was then that I really intensified my search. After losing out on a few bids for some properties, I purchased a loft in the Spot building on Seymour Street. The Spot is in a central location, steps from a supermarket, a coffee shop, dry cleaners and my work place. I bought my 700 sq. ft. lift for $365,000, including parking. After putting 15 per cent down, and with monthly maintenance fees of just $170, I pay about $1,900 per month. My advice to first-time buyers is to find a Realtor that you trust. Also, when putting in an offer, trust your gut. Sleep on it. Write down a number you feel is fair to both you and the seller.