This Is Waterfront Living?

You know, when I think of a waterfront house, I think of a nice ocean view and watching some pleasure craft or a cruise ship float by. However, if you live at Waterstone Pier, the most likely boat you’ll see is this.

Nothing like sitting in front of your waterfront condo to watch the tug boats go by! The funny thing is the Waterstone Pier website shows a tug boat going by in the intro! I am not sure if that was supposed to be prestigious or funny.

Waterstone Pier was one of the developments we saw on our house hurting day. Yes, I am looking for another property – not to live in but as an investment. It’s been four months since my last real estate purchase and I guess I’m about due for another one. Prices continue to go up at a crazy rate. 11 months ago I purchased my first house for $412,000. Now you can’t find a unit like that for less than $500,000. Four months ago, I purchased a two bedroom condo at the Versante for $350 per square foot. Next Saturday, a new development near the Versante, call Flo, will have their grand opening. Pricing will start at $418 per square foot.

Sometime in the future, this shooting star is going to correct itself. There is no way this can keep going forever. Vancouver is now the 3rd less affordable city in North America to live in. Housing prices has gone up so fast that income can’t keep up. You want to know which Canadian city has the most expensive housing price? I’m living in it. When I brought my first place I felt it was very expensive. Now I think I got a great deal! So I’m not scare to pay some pretty ridiculous prices for real estate at this time because I don’t see prices correcting themselves until about 2009 – 2010. So, for the next few years, I’ll be in buying mode.

4 thoughts on “This Is Waterfront Living?”

  1. That website of the housing development has some beautiful pictures, makes it look like a dream community. Why don’t you consider investing in the Okanagan or Lower Mainland. Houses in Abbotsford are also skyrocketing plus i believe there’d be less chance of the “bubble bursting” ?

  2. Carl says:

    It’s close to the slough too! You can sit and watch your dream cars float by – of course they’ll be wrapped in plastic

  3. John Chow says:

    While going further out of town will bring housing prices lower, it’s always best to invest in places close to home because you know the neighborhood and you don’t want to travel too far when there are problems. When the bubble burst it will affect all of BC, not just one area.

    We’re now looking at developments in the Hamilton area, off Hwy 91, near New West and Surrey. That is a growing area and there are many new houses with built in “mortgage helpers” above the garage.

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