Housing bargains are hard to come by these days, but a new national study lists Coquitlam as one of only 15 cities with homes for sale under $200,000.
Coquitlam is one of only 15 cities in Canada where you can buy a home for less than $200,000.
That’s according to Point2Homes.com’s recent analysis of real estate prices across the country.
In its study, the company analyzed median home price listings in Canada’s 100 most populous cities to determine the 50 most expensive large metropolitan areas in the country.
The company then analyzed the number of homes under $200,000 — a price point equivalent to about a quarter of the national average home price — to gauge affordability.
Few of the cheap houses available in Coquitlam
On this list, Coquitlam ranked 11th in Canada with 0.17 percent of homes listed for less than $200,000.
This will likely come as a surprise to many since the median home price in Coquitlam is $1.3 million, Point2Homes admits.
The study notes that “the reality is that $200,000 is not enough to buy a home in any of Canada’s most desirable cities.”
“In fact, only about 10 percent of all homes for sale in Canada are under $200,000 — and very few are in major cities, where average home prices are exploding.”
But Coquitlam has what many cities don’t – manufactured home gardens, where people can still get multi-room homes for less than a one-bedroom apartment.
Today, there’s a listing for well under $200,000 for a two-bedroom, 1,056-square-foot apartment. House in Wildwood Park, manufactured home garden near Brunette Avenue and Dawes Hill Road.
The home is listed for $159,900, and with a 20 percent down payment, it would cost $561 a month, according to an estimated mortgage.
However, like paying for the layers, there’s a $799 panel fee, and based on the photos, it takes a little TLC.
The list price recently dropped from $1989,900.
Affordable manufactured homes
But consider this—not far on Lougheed Highway, at 350 square feet. A studio apartment in the new Loma Tower under construction is listed for $499,000.
Manufactured homes are an affordable option for people who are looking for more space and access to the ground floor.
In another manufactured home garden in Coquitlam, old manufactured homes were selling for amazing prices earlier this spring.
Al Kemp, Executive Director of the Manufacturers (Mobile) Park Owners Alliance of British Columbia. He said prices for manufactured homes have skyrocketed over the past two years, as buyers looking for more space look for more affordable options.
Kemp told Tri City NewsIn a recent interview, manufactured homes offer more privacy than a condo, and while you still have to pay to rent towels, they’re still quite affordable for a location in the heart of Coquitlam’s Maillardville neighborhood.
Banks will finance the mortgage for 25 years
Over the years, the stigma associated with mobile home living has disappeared as new homes are built to national standards, making it more like a wood-framed home with weather-resistant drywall and a roof for 25 years, he said.
With greater respect came recognition by the banks.
Kemp says you can now take out a 25-year mortgage to buy a manufactured home, and refinance if you need to build a new cottage or roof.
“They don’t come with trailers anymore. They aren’t mobile homes anymore. They don’t come with wheels. They don’t come with hitches.”