what to do???more real estate advice.

Matts Mommy · by **Matts Mommy** on Tue Apr 24, 2007 9:40 am

So today I got the buying bug again. I was doing some reaserch on affordable housing and came accross the Dockside Green project. I emailed them and low and behold they announced this week that they have released 26 1 bd and studios between the 150-200K marks (this is what they consider affordable). As an aside, It strikes me as odd that to qualify for them you have to have an income of 35-60K per family yet one of the pre qualification criteria is that you prequalify for a type of mortgage that Vancity offers to low income, currently living in subsidised housing, families. Now Im pretty sure that the cutoff for housing is well lower than 35K unless you have multiple children. Im so confused with all this mess. You need multiple children and they are only offering 1 beds???

Anyway...... the deadline is friday for applications and I cant decide if I should apply.

I have one dependant, who will eventually need his own room, and am within the target income for the option. I love the idea about living green and the whole project is really remarkable. I just cant decide if its the best financial step for me. I want to buy. I work downtown. I can only afford 170K and that does not get me much, if anything, in todays market. This is a really great opertunity to be part of something special and get into the market...but sacrificing a bdrm for my son? Will there be child friendly resources like preschools, elementry schools available? ect...

What do you think?

Doug Sunray · by **Doug Sunray** on Tue Apr 24, 2007 10:51 am

Hi.
You should go down to the City Hall engineering & permits dept. ,as well as do a google search on the Dockside Green Project Development, so that you have all the information on what you are looking at buying. If there is a deadline for the financing option, I would seriously think about applying, sa at least you are in on their "special."
I hope this helps!
Let me know if I can help!

Doug.

Cheeky · by **Cheeky** on Tue Apr 24, 2007 11:50 am

i don't know specifically for this project, but when they offer a discount for low income families, you're in a position of not actually being able to make any money off of the property for a number of years... so even if you do get the unit, you will be unable to sell or rent it out for at least 5 years... are you ready to live with a 6 year old (just wagering a guess) in a one bedroom condo, and for the price of $900+ / month?

not trying to burst your bubble, just an observation.

Matts Mommy · by **Matts Mommy** on Tue Apr 24, 2007 12:59 pm

No bubble bursting here!! This is my thought exactly. I just feel that everyone is pushing me to buy something now that im in a position to (good job and savings) but I can only reasonably afford 170K and cant find anything that is not going through remediation (which banks will not finance) or leaseholds (which require a 25% down payment) that have a history of decreased market value when within the 25 year mark of releasing. While I love where I am renting and givin the option would buy this place in a heartbeat the sale value of my current residence is about 400K. To be able to afford something new or even old and small just seems like its right outside my reach. Thus my even considering this option. I have heard back from Dockside and they will be offering more (2 bd) low income housing in thier next phase I suspect that if a 1 bd is selling for 200K that again a 2 bd will be just outside my reach again...you know.

Anonymous Posts · by **Anonymous Posts** on Tue Apr 24, 2007 1:05 pm

Can I ask why you feel the need to purchase? Is it that you are feeling pressure from others? Would you rather buy anything and then be tight for money? Just wondering.

I'm posting anon because I'm at work.

chopped_liver · by **chopped_liver** on Tue Apr 24, 2007 1:43 pm

Anonymous wrote:Can I ask why you feel the need to purchase? Is it that you are feeling pressure from others? Would you rather buy anything and then be tight for money? Just wondering.

I'm posting anon because I'm at work.

Exactly my question as well. I felt from those around me that I should be buying after my divorce. I couldn't see any way I could, and am glad I didn't.