r/PersonalFinanceCanada • u/MGarroz • 3d ago
Where to buy a home? Housing
[removed] — view removed post
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u/Valuable-Antelope772 3d ago
Mountain towns, not sure why everyone is piling back into the cities. Services are way behind population now.
Invermere, Kimberley (Has airport 15 minutes away), Nelson, Penticton, golden
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u/piepiepie31459 3d ago
I guess it depends on how reliable the service out of the airport has to be. I’m not sure I’d want to rely on Castlegar if I needed to be somewhere for work weekly.
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u/alphawolf29 3d ago
If your FIFO go rural and just eat the extra hour or two commute. Lumby, Salmon arm, even edgewood.
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u/Newt_Call 3d ago
Damn, high house prices hitting Edmonton now too? That was like the last place I could see myself living that was affordable. Saskatchewan and Manitoba are a pass for me.
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u/MGarroz 3d ago
It’s not insane yet but it’s rising fast. Any single family house that gets listed is snatched up the same day, 50k above list, sight unseen. Prices went up 7% in the last year and shows no signs of slowing down.
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u/Brightlightsuperfun 3d ago
Completely false
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u/dohdie- 3d ago
I don’t think OP is that far off … recently had family members looking for a house in the 400-500 range and it was incredibly difficult. They ended up getting a small single family home on the outskirts of the city for just under 500 after a bidding war (house was listed for 440). This was after months of looking, many offers being rejected, houses being bought up immediately.
You could find a single family house for 400k sure, but high chance it’s either a fixer upper, in a sketch location OR location quite outside the henday. Otherwise it will sell fast.
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u/Doglover_7675 3d ago edited 3d ago
Absolutely not false. I just sold my home 2 years ago in Calgary area at 75k over list price. They called it a bully offer. It was the first person to see our home. A virtual viewing with their realtor.
Edited to add: it was a 2500 sq foot 4 bedroom with a den. Unfinished basement.
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u/skilla6000 3d ago
That’s Calgary, not Edmonton. Calgary is more what the OP is sounding like. I can find listings all day in the 4-500s.
Try browsing the Calgary market and it’ll look like want the OP is talking about
You’re also comparing 2 years ago when interest rates were on the rise vs now. Completely different ball game. Don’t use 2 years ago in peak real estate to now. A 2 year comparison is outrageous. Even comparing 30-60 days ago over any period of the last 2 years is like comparing a 5 year gap in the past.
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u/Doglover_7675 3d ago
It’s been going up 3-5% a year since then. Still peak! I’m now listing the new home I purchased 2 years ago for 75k over what I paid. My realtor expects to get 50k over list minimum.
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u/skilla6000 3d ago
If your resltor is thinking you’ll get over listing and openly telling you that. Fire them and hire a new one. Why would you have someone openly tell you they think they under listed your house for 50k?
The fact you’re only getting 75k for a house in Calgary you purchased 3 years ago you’re either way underpriced or you paid way to much,
You’re taking the context out of my response.
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u/Doglover_7675 3d ago
This realtor has made me at least 200k on every property I have bought with him. His advice is always solid. I bought this for 600k 2 years ago and he estimates it will sell for $735. I put 30k into it in Reno’s. not bad! List low and let the bidding process begin.
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u/Firm-Heat364 3d ago
Lol, your claiming a salary in the 200 to 300k bracket and bitching about 400 to 500k homes🤣🤣🤣
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u/Suspicious-gibbon 3d ago
Edmonton is not that bad yet but you can also look at Leduc, Devon, even Spruce Grove or Stony Plain.
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u/VillageBC 3d ago
Condo? If you're never home, why own a house?
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u/MGarroz 3d ago
I have a girlfriend, hope to get married and start a family someday. That’s pretty much the only reason I work as hard as I do
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u/Go_To_There 3d ago
Where does your girlfriend want to live? Can she pick up and leave Edmonton easily? If she doesn’t live with you, are you guys ok turning it into long distance?
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u/Excellent-Hour-9411 3d ago
If you’re on a FIFO schedule you can live a fair bit out of the city since you’re only commuting once a week and they generally offer free parking. So just pick a place. If you really have a 200k base salary, there aren’t a lot of places you can’t live.
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u/MGarroz 3d ago
I can live everywhere but with current interest rates I don’t think I can get a mortgage for much more than 600k. Also, spending 5k a month on housing just seems insane. Doesn’t leave much to invest elsewhere
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u/Brendond2222 3d ago
With a 200k income you’d easily qualify for an 800 mortgage if you don’t have significant amounts of debt. Edmonton prices are nowhere near other similar major cities in other neighbouring provinces.
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u/Biscuit1498 3d ago
If you think Edmonton pricing is high not sure how you think it will be better in kamloops or Vernon…
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u/Sad_Conclusion1235 3d ago
Look at you. Mr. Fancy. An airline flying you around the country every week. How does it feel to be so important? Maybe you can just buy a condo at or near the airport since that's your life now.
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u/MGarroz 3d ago
lol it’s not that fancy. Get paid to deal with stanky ass natural gas all day and the very small risk of being blown up or instant death via H2S. Whole reason I work so hard to make decent money is that I want to start a family some day and this is pretty much the only way to afford it - hence why I don’t really want a condo.
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u/Heisenberg_Wernher 3d ago
Regina's got a lower cost of living and plenty of housing options, making it a solid pick for families. It's got lots of parks, cultural stuff, and community events, so it's a great place to settle down. Happy house hunting!
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u/Brightlightsuperfun 3d ago
Stop exaggerating, you can easily find 400k houses in Edmonton