real estate in Victoria BC or NOT??

[victoriaguy]

Hi everyone,

Looking for some financial advice, here is my situation.

1) I am married with a 1 year old kid. I am 30 years old.
2) I live in Victoria BC, Canada (probably most expensive place in Canada)
3) My monthly (take home) income is 3900$, my wife does not work.
4) I have no loans or debt.
5) I have 45K in savings.
6) I am currently renting an apartment paying 1000$ per month.

We are looking to buy a townhouse but anything we like is about 380K or higher, which would make my mortgage payment close to 45% of my take home income \(assuming a 10% down payment). This cannot be good.

here are my questions:

1) Should I continue to rent and save until my savings are like 80K? This will take about 3 years

2) I can easily afford a decent condo but I like to own land and not pay massive monthly condo fees.

3) I also could afford a decent townhouse but with 20 minute communte in like Langford BC and I hate commute.

4) Should I expect the townhouse prices to drop sharly in coming years?

any suggestions are appreciated.

Thanks