Continuing on our home search, Jack and I headed out to North Delta, our second open house tour since starting in Tsawwassen. There was only one open house in Sunshine Hills (our top area of interest in North Delta), but it was a really intriguing property. 6667 Carncross Crescent is situated directly across from the Sunshine Hills park and Sunshine Hills Elementary (French Immersion), offering a 8000 sqft lot in an ideal location in well-know family-friendly neighbourhood. The house it’s self wasn’t boasting with anything exciting. There have been some updates, but there are still many needed. It is liveable, but the ultimate plan for a lot (and home) such as this, would be to tear down and build new. A plan that would require a few more years of saving for us, but still worth a strong consideration.
With only the one listing in Sunshine Hills, I expanded out beyond our original boundaries. One open house was no longer hosting it’s open, but there was another just down the street. I learned after stepping in, it was listed for more than double the one we were planning to visit. Listed at $1.25 million, this new build at 7961 112a Street was STUNNING! Beautiful on the outside and the inside. One of the nicest homes I have see in all of my tours. Each of the rooms had their own walk-in closet and bathroom, there was a beautiful kitchen plus a spice kitchen, both with top-end appliances. The yard was a great size, completed with a matching shed and the deck had it’s own fireplace. The basement was outfitted with it’s own bar/kitchen, sauna and wine cellar along with a 2-bedroom suite with it’s own entrance…wonderful, but definitely priced high for an area surrounded by older homes at half the cost.
We finally came to Lakeside at Sunstone, a community development by Polygon. In this nice community there were some new and pre-owned listing at very reasonable prices, making a townhome (with addition of maintenance fees) a more attractive option. All these units have access to the 12,000 sqft Club House featuring: swimming pool & spa, billiards, ping pong, badminton, 2 entertainment rooms, and two guest suites. The community also includes a large lake, park and walking areas. It’s a very attractive community. The final phase is almost complete, before Polygon begins another project across the street.
The results – we need to look more. There are some limiting factors of Sunstone including: maintenance fees, further competition of new builds (possibly impacting the home value over the short-term), and the schools – although close, they are still a 15-minute walk way. We will continue to keep our sights on Sunshine Hills and visit more homes as they become available. Our ideal would be to find a single-family dwelling with a rental suite.
The average price for the homes we visited was around $650,000. Let’s look at $650,000 as our purchase price, with $250 for maintenance fees, taxes of $2,000 ($2,570 – homeowners grant of $570) and $100 for heat:
Total Purchase Price: $650,000
Interest Rate: 2.99%
High Ratio Loan (less than 20% down payment)
Down Payment (5%): $32,500
CMCH fees: $19,451.25
Total loan: $$636,951.25
Monthly Mortgage Payments: $3,011
Approximate income required: $129,000 (or $119,500 with no maintenance fees)
Conventional Loan (20% or more down payment)
Down Payment (20%): $130,000
Total Loan: $520,000
Monthly Mortgage Payment: $ 2,184
Approximate income required: $101,500 (or $92,000 with no maintenance fees)
From my home to yours