Tuesday, September 28, 2010

Emily Mullock Children's Book - SFU Woodwards

 A day trip to Vancouver is a relatively easy journey from the eastern Fraser Valley especially if you are carpooling with friends as my wife and I did this Sunday. Vancouver's "Word on the Street" was underway at the beautiful Vancouver Public Library and our daughter Emily was on hand to sign her new children book "Go Away Unicorn".  Do you believe in unicorns?  Well neither did Alice until one showed up at her birthday party. This is the third book Emily has illustrated and the first she has written.  It is a gem and can be found at Amazon books.

We also took in a public open house at the new SFU Woodward's Visual Arts centre and enjoyed our introduction to this "State of the Art" :) facility.  Oh, to be twenty again...

Imagine living in a lush valley where real estate prices are still affordable and cities like Vancouver are readily at hand - that is Chilliwack Fraser Cheam living.

All pictures © Stephen Mullock 2010.

Stephen Mullock RI is an award winning full-time real estate agent with 29 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) for experience, local knowledge, friendly service that is usually on time; you’ll be happy you did.


  1. Affordable on what metric? According to the Income to price multiple we are way overpriced. Affordable is considered 3 x family income. Chilliwack's median family income in 2005 (hasn't changed much since then) was $50,890. So we are at around a 6 x family income. Almost double what is considered affordable according to this metric. Rent mutliple is another metric commonly used. 100x monthly rent is cosidered affordable. I don't know the rental situation in Chilliwack, but I would highly doubt one could find a unit that would be considered affordable according to this metric. Lastly we have RBC bank and their Sept. 2010 Housing Trends and Affordablity research paper. They say that "Typically, no more that 32% of a borrower's gross annual income should go to mortgage expenses." In BC, as a whole, we are at 71.2% for a standard two storey. I agree that Chilliwack and most of BC haven't been affordable for the last 25 years or so, according to these metrics. However, in the last 6 years or so we have greatly diverged from any average affordability determined over that time period

  2. I suppose that when I think about affordability my thoughts go to actual comparisons in the market. What are the alternatives if you choose to purchase? The average single family detached house in the Chilliwack Board area this month will sell in the vicinity of $315,000 compared to an average in the Fraser Valley west of the Vedder Canal of $574,000. Chilliwack looks pretty affordable in comparison.

    An income of $50,250 a year should support a $250,000 25 year mortgage at 4.19% with a monthly payment of $1340. Buyers also need to bring to the table a down payment of at least 5%. There are plenty of properties in our area especially newer townhouses (3 bedrooms, 2 1/2 baths) that can be bought for this amount. It is not so bad out here in the Chilliwack Fraser Cheam area sure the properties aren't being given away but they are affordable.

  3. Comparing one unaffordable market to another unaffordable market, and just because one happens to be cheaper, does not make it "affordable." We could compare Chilliwack to any number of overpriced areas in North America and say "Our price is lower, so we must be affordable." I think we're looking at affordable from two different perspectives. You're looking at it as $1340 a month; most people should be able to "afford" that. I look at "affordable" as, are we above or below the long term price trend line for a particular area. Also, using the metrics I listed previously, income multiplier, rent multiplier and lastly mortgage servicing ratio, remove any bias. While most people don't look at graphs, charts, metics, etc. when purchasing a home, history proves that they should.

  4. I got to peek at Emily's book the other day... it is FABULOUS! I'm sure it was a very proud father moment having your daughter a published author! She's very talented. Congratulations!