My husband and I are house-hunting in one of the most expensive housing markets in North America – Vancouver. We moved here two and a half years ago from London, UK – where my husband grew up and where I had been living for the preceding 12 years.
The first 18 months or so in Vancouver we spent many of our weekends walking around neighbourhoods – exploring, acclimatizing, and learning about our new city. We have been on our house search, on and off, for a year. More recently we’ve started to widen our search to neighbouring suburbs and cities, Port Moody and New Westminster in particular, and have talked to local real estate agents. What they’ve advised us is insightful about the residential real estate market and the attitude of the “average buyer”. I’m paraphrasing, but here are some of things agents as well as friends are saying about the suburbs:
- “New Westminster has poor amenities. It’s not close to stores like Costco, Walmart and retail parks. That’s bad for resale value.”
- “If I were to choose between Port Moody and New Westminster, I’d choose Port Moody. It stands a better chance of growth in values. It’s a development hot spot and it’s going to get the new Skytrain line.”
- “New Westminster’s problem is that it’s not Vancouver and it’s not Surrey. Cross the bridge and you get a significant drop in price in Surrey so people would rather buy in Surrey than in New West.”
- “I’ve been in New Westminster for over thirty years. New Westminster is about community. For example, my eldest son’s oldest friends are people he met when he was three years old.”
- “Port Moody has a strong artist community.”
- “Port Moody isn’t planning to develop quickly. It’s being thoughtful about development and isn’t going to be crowded with a lot of high-rise towers.”
- “Homes in Port Moody cost more (than homes in Coquitlam) because it’s closer to the water. There are places for people to park their boats.”
A Different Way of Looking at Home-Buying
To be honest, all of the real estate agents’ talk of resale value and potential rises in prices puts me off Port Moody and other similar areas. My husband and I didn’t move to Vancouver to make a buck on the housing market. We moved here because we wanted to build a life, enjoy the lifestyle, and make our livelihoods here (the three “Ls”, I call it). I like events and festivals that celebrate art, music, and food rather than shopping malls where the art, music, and food is mass-produced and mass consumed. I like neighbourhoods that feel safe enough to walk through at night from the Skytrain station or bus stop to my front door rather than neighbourhoods divided by busy roads and motorways that are unwelcoming to pedestrians. I like walking through, running through and picnicking in parks and amongst nature over walking through or next to parking lots. My husband and I prefer farmers’ markets, vintage stores, and locally-owned shops over retail parks and big box stores. I want good schools and community amenities over condos and construction sites.
If we buy a home somewhere in Metro Vancouver, we hope our house value doesn’t go down and we might be better off in the long-run if its value doesn’t go up. Rising house prices keep out the artists, teachers, key workers and other great people who could be great neighbours if only they could afford to live there. I’d be perfectly happy if my house price went up by the same percentage I’m paying in mortgage interest – if I ever sold my house, I will have essentially lived there for free. Even if my house price stayed the same as when I bought it, I’m perfectly happy paying something for my housing costs (essentially the interest cost on my mortgage, plus maintenance costs, property taxes, and the opportunity cost of the money locked up in the house) because I’m getting use value out of living in my house in the first (a place to call our own, safe and secure shelter, our little patch that can be decorated any which way we want).
Call me old-fashioned, but I’d like to live in a neighbourhood where there is culture and community. It’s not how much cash I can sell my house for sometime in the future, but the other “Cs” that will be the deciding factors in our house hunt.