Follow local house hunters as they experience the highs and lows of trying to buy a house in Vancouver's intense real estate market. Elaine L. is the first to share her search with us. We check in with her every couple of weeks to see how it's going.
PART 1: MEET ELAINE
Elaine L. is only in her 20s, but she's already a veteran in the Vancouver real estate game. She and her mom, Patty, sold the first condo they lived in back in 2004. They rented for a while, thinking Vancouver house prices would go down, but when that didn't happen they bought their current condo in 2008.
Since then their condo has appreciated by $40,000, and its 880 square feet are starting to feel a bit cramped for the two of them and their dog. When one friend bought a rental property and another bought a house, Elaine was inspired to start house hunting again.
So she contacted the same realtor they worked with before and asked her financial advisor what kind of price she can afford and the hunt is on. She hasn't put her current home on the market yet and there's no deadline for buying, but she's started doing a lot of online research and visiting open houses.
Elaine and Patty would like to stay in southeast Vancouver, where they are now. Finding the right neighbourhood involves researching crime and average income statistics and using Google Maps Live View to check out the look and feel.
Her ideal house is at least 2,000 square feet with a mortgage helper in the basement, living area on the main floor and bedrooms upstairs. Elaine says that it's mostly older houses that offer that layout, and they tend to be out of her price range. But more affordable Vancouver Specials, both the classic ones and the newer versions, have suites on the main floor and living and sleeping areas up, all on the same floor.
Chinese traditions also play a part in her search for a good house; for instance, if you need to go down a couple of stairs to get to a house, it's off the list.
Is she looking for a fixer-upper? Definitely not. "I can build IKEA furniture- that's about it."
Elaine credits her friends with keeping her on course. "My emotions get the best of me sometimes," she said.
"I look at a house and I don't really like it, but I talk myself into it, and then I have to get my friends to talk me out of it."
ELAINE L. BIO
. Family size: Two-a single woman and her mother
. Current residence: Owns a condo
. Budget $800,000 to $ 1.1 million
. Desired neighbourhoods: Collingwood, Fraserview, Renfrew, Renfrew Heights, Killarney
. Looking for 2,000 to 2,500 sq. ft. newer detached house with rental suite down, move-in condition.
