Questions about Condos/Strata (BC, Canada)

In My Humble Opinion
1

Usual disclaimer, you are not my realtor, investment adviser etc. I am seeking opinions and things to consider, and will not necessarily act on any one person’s advice. I just don’t know much about condominiums /strata housing and what I really am looking for is anecdotes not factual information. (Although I always welcome facts)

I am in the beginning stages of considering a move to Vancouver/Metro Vancouver/the lower mainland region. I have family out there, (my brother, my son’s paternal grandmother with whom I have a good relationship and some cousins) friends (I lived out there twice and have kept close to a few of my friends from those days) my parents (age 70, healthy and financially comfortable) spent every winter on the west coast and would move permanently if I did. I have good career prospects out there (have had a few “pre interviews” and one actual phone interview. My partner tends to be self employed with marketing and sales contracts, so he can work from anywhere. Considering that he doesn’t drive, moving to a city with better transit and temperature is very appealing to him. So… going out and finding work/ connections/ etc would not be difficult in the slightest.

Which leaves housing. I currently own my 3 bedroom home, and have between 20-30 thousand in equity. I have no sizable savings currently, which is a drawback. However I have been spending time looking at real estate in the Metro Vancouver area, and discovered that once you get into the suburbs, and realize you are not going to own a detached house, suddenly owning is not impossible. But I don’t know anyone who owns condos, except for retired people so it is more difficult to figure out my plans. I figured I would turn my questions over to the dopers

I live in a house with a finished basement. My boyfriend has an office space, so ideally a three bedroom condo would be good. (A bedroom for us, a bedroom for my 8 year old son, and an office) In some suburban areas I see older buildings with 3 bedroom condos very close to the same price point as a newer building 2 bedroom condo with all the updates, fancy kitchens etc. With location and condo fees etc being relatively equal (I know they are never exactly equal) is there a greater advantage to a newer vs bigger place? 3 bedroom places seem to be more rare than 2 bedrooms are they less desirable? Are there specific things to look for in a condo that are different than for houses? If one suburb seems undervalued compared to others, does this mean “Stay away”, or does it mean “get a bargain”?

I am just looking for ideas, I am about 80% sure I want to own, but am also looking for any suggestions why I might not. If I bought a condo I would most likely want one in a building with a pool, (since I won’t have a yard, it would be good recreation for my son, and exercise for me) I would never buy a house with a pool though, so any thoughts on this?

2

I think the disadvantage to the suburbs is largely the inconvenience of a commute. Public transit is great here but very crowded, and it’s not a very car-friendly city. That, and new and shiny and being where it’s at are big selling points.

I only rent, so I can’t be a whole lot of help with the other questions, but I’m curious to see what responses you get.

3

Well, I am aware of the commutes, I lived there before (rented on North Shore, rented in Marpole)and one of the main requirements would probably be living near seabus or skytrain in the suburbs. The job I have interviewd for would not be far from the Canada line, so Richmond is definitely an option.

Out of curiosity, why do you rent? If it is not too personal, can you elaborate on that… if the reasons are more than economic, what are they? Rough and dirty for me a condo in the nearer suburbs is equivilent (sometimes cheaper) than what I would pay in rent for a similar sized place, so I prefer to own. But I am curious, because I know some say that real estate is not the best investment vehicle. But I can’t live in a bond, a GIC or stock shares. And interest rates are currently low, etc etc.

Also I welcome input from anyone, not just people with Vancouver real estate knowledge.

4

They are purely economic. I cannot afford to own, in large part because so much of my income goes toward rent (and student loan debt). Basically, I mortgaged my future, betting that my career would be worth it. It has been, intellectually and personally, just not financially. Oh well!