Comments on: Since When Did I Move to an Upscale Area? http://blog.canadian-dream-free-at-45.com/2010/04/29/since-when-did-i-move-to-an-upscale-area/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: George http://blog.canadian-dream-free-at-45.com/2010/04/29/since-when-did-i-move-to-an-upscale-area/comment-page-1/#comment-43164 George Sat, 08 May 2010 22:44:12 +0000 http://blog.canadian-dream-free-at-45.com/?p=1587#comment-43164 In my neck of the woods in Oregon (rural zoning just outside Portland), home values are highly influenced by the foreclosures. So what was a $425k house in 2007 has now sold as a short sale at <$300k (family that bought late in 2007 decided to divorce in 2008 and the house has been on the market for over a year--can't say that the family exhibited much foresight!). I'm sure part of the housing strength in Canada is the looney's recovery against the US$. That's just now reversing with the sovereign debt crisis and rumours of Canadian mortgage crisis looming. In my neck of the woods in Oregon (rural zoning just outside Portland), home values are highly influenced by the foreclosures. So what was a $425k house in 2007 has now sold as a short sale at <$300k (family that bought late in 2007 decided to divorce in 2008 and the house has been on the market for over a year–can't say that the family exhibited much foresight!).

I'm sure part of the housing strength in Canada is the looney's recovery against the US$. That's just now reversing with the sovereign debt crisis and rumours of Canadian mortgage crisis looming.

]]> By: Addicted2dividends http://blog.canadian-dream-free-at-45.com/2010/04/29/since-when-did-i-move-to-an-upscale-area/comment-page-1/#comment-42974 Addicted2dividends Fri, 30 Apr 2010 00:02:00 +0000 http://blog.canadian-dream-free-at-45.com/?p=1587#comment-42974 We just purchased a new 1910 sqft house in Edmonton, fully upgraded for 455k. We are situated in one of the more expensive neighborhoods. Prices here did skyrocket with the Alberta boom, then settled a bit. My wife wanted a bigger house, but I told her to get real. I hear Sask has more oil sands then Alberta does, and tons of mining going on right now. It's going to be the next big boom province. We just purchased a new 1910 sqft house in Edmonton, fully upgraded for 455k. We are situated in one of the more expensive neighborhoods.

Prices here did skyrocket with the Alberta boom, then settled a bit. My wife wanted a bigger house, but I told her to get real.

I hear Sask has more oil sands then Alberta does, and tons of mining going on right now. It’s going to be the next big boom province.

]]> By: Kerry http://blog.canadian-dream-free-at-45.com/2010/04/29/since-when-did-i-move-to-an-upscale-area/comment-page-1/#comment-42969 Kerry Thu, 29 Apr 2010 17:23:26 +0000 http://blog.canadian-dream-free-at-45.com/?p=1587#comment-42969 It is amazing how different prices are in different parts of the country. I read that, and think, $400k? For a whole house? WOW, I'd *so* jump on that deal. My husband and I rent, because even with low interest rates our rent is less than the interest on a mortgage + property taxes/strata fees. To put it into perspective the most affordable (hah) house in my neighborhood is $650k. 5 years ago it was a marijuana grow op. 3 years ago it was abandoned and left open to the elements, with squatters. 1 year ago someone redid the drywall, painted the outside, and installed some laminate flooring. And now, they want 650 THOUSAND dollars for it? Please note that this is a 2 bedroom house we are talking about, not a castle with a moat. If you hadn't guessed, I live in Vancouver. Oh west coast - so beautiful, but SO expensive. It is amazing how different prices are in different parts of the country. I read that, and think, $400k? For a whole house? WOW, I’d *so* jump on that deal. My husband and I rent, because even with low interest rates our rent is less than the interest on a mortgage + property taxes/strata fees.

To put it into perspective the most affordable (hah) house in my neighborhood is $650k. 5 years ago it was a marijuana grow op. 3 years ago it was abandoned and left open to the elements, with squatters. 1 year ago someone redid the drywall, painted the outside, and installed some laminate flooring. And now, they want 650 THOUSAND dollars for it? Please note that this is a 2 bedroom house we are talking about, not a castle with a moat.

If you hadn’t guessed, I live in Vancouver. Oh west coast – so beautiful, but SO expensive.

]]> By: Dillon http://blog.canadian-dream-free-at-45.com/2010/04/29/since-when-did-i-move-to-an-upscale-area/comment-page-1/#comment-42955 Dillon Thu, 29 Apr 2010 14:30:04 +0000 http://blog.canadian-dream-free-at-45.com/?p=1587#comment-42955 I noticed the same thing; in the last month or so, there are a number of properties that have been listed in Regina where the asking price seems completely unreasonable. Asking price means nothing, though. A lot of these houses aren't selling, and if they are, it isn't at anywhere near asking price. For all the talk of a continued hot market in Regina, inventory is starting to build, particularly for homes over $400,000. I noticed the same thing; in the last month or so, there are a number of properties that have been listed in Regina where the asking price seems completely unreasonable.

Asking price means nothing, though. A lot of these houses aren’t selling, and if they are, it isn’t at anywhere near asking price. For all the talk of a continued hot market in Regina, inventory is starting to build, particularly for homes over $400,000.

]]> By: Traciatim http://blog.canadian-dream-free-at-45.com/2010/04/29/since-when-did-i-move-to-an-upscale-area/comment-page-1/#comment-42954 Traciatim Thu, 29 Apr 2010 14:00:07 +0000 http://blog.canadian-dream-free-at-45.com/?p=1587#comment-42954 Housing where I am is pretty reasonable. Though it does seem to be increasing at an unsustainable pace. I purchased my place in 2007 for 102K, and each year since then things have been going about 10% a year. The average sale price is hovering just under 170K for my city. The average income for my city is somewhere near 65K or somewhere around there. That puts the average home at 2.6 times average income, which is pretty reasonable. What's interesting is that when I purchased my house I did that same math and found our city at 2.3 times average income, so even though the prices are reasonable they still seem to be out-pacing incomes in increases by quite a good margin. Housing where I am is pretty reasonable. Though it does seem to be increasing at an unsustainable pace. I purchased my place in 2007 for 102K, and each year since then things have been going about 10% a year. The average sale price is hovering just under 170K for my city. The average income for my city is somewhere near 65K or somewhere around there. That puts the average home at 2.6 times average income, which is pretty reasonable. What’s interesting is that when I purchased my house I did that same math and found our city at 2.3 times average income, so even though the prices are reasonable they still seem to be out-pacing incomes in increases by quite a good margin.

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