Coquitlam is one of only 15 cities in Canada where you can purchase a home for under $200,000.
That's according to a recent Point2Homes.com analysis of the real estate prices across the country.
In its study, the company analyzed listings of median home prices in the top 100 most populous cities in Canada to determine the 50 most expensive large metropolitan areas in the country.
The company then analyzed the number of homes below $200,000 — a price point equivalent to about one-quarter of the average national home price — to gauge affordability.
Few cheap homes available in Coquitlam
In this list, Coquitlam was 11th in Canada with 0.17 per cent of homes listed for under $200,000.
That will likely come as a surprise to many because the median price of a home in Coquitlam is $1.3 million, Point2Homes acknowledges.
"The reality is that $200K isn’t enough to land a home in almost any of Canada’s most coveted cities," the study notes.
"In fact, only about 10 per cent of all homes for sale in Canada are less than $200K — and very few of them are in major cities, where median home prices are exploding."
But Coquitlam has something many cities don't — manufactured home parks, where people can still get homes with multiple rooms for less than the cost of a one-bedroom condo.
Today, there is a listing for well under $200,000 for a two-bedroom,1,056 sq-ft. home in Wildwood Park, a manufactured home park near Brunette Avenue and Dawes Hill Road.
The home is listed for $159,900, and with a 20 per cent down payment, would cost $561 a month, according to the estimated mortgage.
However, like paying for strata fees, there is a $799 pad fee, and judging by the photos, it needs a little TLC.
What's more, there are always concerns about re-development of manufactured home parks. A couple in Coquitlam and Port Moody have been developed for condos and town homes.
But consider this — not far away on Lougheed Highway, a tiny, 350 sq-ft. studio condo in the new Loma tower under construction is listed for $499,000.
Manufactured homes are considered an affordable option for people who are looking for more space and ground floor entry.
At another manufactured home park in Coquitlam, older manufactured homes were selling for jaw-dropping prices earlier this spring.
Al Kemp, the executive director of the Manufactured (Mobile) Park Owners' Alliance of BC. said manufactured homes have risen in price over the last two years, as buyers looking for more space seek out affordable options.
Kemp told the Tri-City News, in a recent interview, manufactured homes offer more privacy than a condo, and though you still have to pay for pad rental, are still more affordable for a location in the heart of Coquitlam's Maillardville neighbourhood.
Banks will finance 25-year mortgage
Over the years the stigma attached to living in a mobile home has disappeared as newer homes are built to national standards, which makes them more like a wood-frame house with drywall, weather-proofing and a 25-year roof, he said.
And with greater respect has come recognition by banks.
Kemp says you can now get a 25-year mortgage to purchase a manufactured home, and refinance if you need to build a shed or a new roof.
"They're not trailers anymore. They are not mobile homes anymore. They don’t come with wheels. They don’t come with hitches."
