Apartment price in Vancouver area (to buy)

[ValeryN]

Hello!

I'm wondering what is a realistic price for an apartment in Vancouver area.

Don't really need anything very nice and beauty. Just clean 1-2 bedrooms apartment <30-minutes away from Vancouver/Burnaby driving by car or public transport (prefferably).

The reason I'm asking is - on the cragslist I can find a lot of offers <200k even in Burnaby (which is very close to Vancouver and very good in terms of public transport). Which seems to be reasonable to me right now.

Here is a few examples:

Burnaby, $197500 / 1br - 678ft², vancouver.en.craigslist.ca/bnc/reb/2758391052.html
Burnaby, $168000 / 1br - 673ft², vancouver.en.craigslist.ca/bnc/reb/2783557110.html

But my Canadian friends all say that it is just very very bad places or a scam (just based on a price range). And they don't believe it is possible to buy something clean at this price level for example in Burnaby or even Port Moody.

But at the same time almost all the friends live in their own houses or townhouses and I doubt we have the same understanding of a good enough apartment
In the country where I use to live most of the time I rented a single room apartment with small kitchen (kitchen was a separate room, unlike the bachelor) and it was fine for me and my wife. Not the best place, but it is fine when you work almost all the time and don't have any children.

Thanks you very much in advance for you reposes and advices.

I'm just scared if the only opportunity I have to buy something my own getting into a mortgage loan for 20-30 years...

 

[steaky]

If I were you, I would get a realtor to sort this out. Do check mls for info.

 

[Baloo]

It is possible that your Canadian friends could be right.

 

[lynw]

Hello Valery. First of all don't be scared - there is lots of help here, make sure you make the most of it!

Please take a look at www.realtor.ca - that will show you all the properties which are for sale through the Multiple Listings System.

The way property purchasing works here is that both seller *and* buyer usually have an agent. The good news is that in a huge majority of cases, the buyer's agent is paid not by you, the buyer, but out of the commission from selling the property, which the seller pays. For someone new to the area there are huge advantages to using a buyer's agent, to help you find properties that might suit, advise on areas and help you make contacts with reputable lawyers, mortgage providers, property inspectors and so on.

Where will you be working, do you know? The traffic here is quite busy, so being near a sky train station or express bus stop is a huge plus, especially if you need to travel during rush hour.

Wishing you the very best of luck, and welcome to lovely Vancouver!
Lyn

 

[steaky]

But being near a sky train station would be noisy.

 

[lynw]

But being near a sky train station would be noisy.

Very true! Within walking distance is a practical advantage though.

 

[ValeryN]

Thanks everyone for your replies.
Yep, I know about the sky train
Live in Metrotown on Marlborough ave. right now, very close to the fire station and it feels terrible... Feel sorry for the people who live in the buildings the sky train comes through (somewhere like stadium chinatown station).

I've checked offerings on the site recommended by Lyn and it seems there is really wide range of options. Even for 100k budget.
Most of them have obvious disadvantages like - be in a few kilometres from airport or in the middle of nowhere (in terms of public transport), but they do exists. And that's great for first time buyers from my point of view.

 

[lynw]

Valery, have you been to any open homes? They are a good, no-commitment way to start to get a better idea of what might suit you and fit your budget. realtor.ca tells you when they are on, and there is also an app if you happen to have an iphone. The best of luck with your search!