In the Lower Mainland, real estate and water go hand-in-hand. Really estate with views of the water, or better yet situated on the water’s edge, is always more desirable…or at least it costs more.
Some British Columbians even live on the water.
Living in a floating home has been a way of life in B.C. for well over a century. The concept was conceived in the 1880s, when they were built as logging camps, to be floated up and down the coastline as needed.
Today, the idea is…well, suffice to say this is very much a niche market, totalling an estimate of about 1,000 homes in the whole province.
If the idea of living on the waters off Coal Harbour or False Creek holds some appeal, it’s worth noting some of the differences from living off the land, besides the obvious one.
You pay moorage fees, and even though you’re on the water there are still property taxes. The costs depend on the size of the home, and what the municipality tax rate and moorage rates are.
Your mortgage rate may be higher, because lending institutions might be hesitant to finance this type of home at whatever the going mortgage rate is. And here’s one that doesn’t usually apply on the land — you require a septic system, and you need to have the tank emptied every couple of months.
One more thing: There’s an extra cost when it’s time for an inspection, because the floats supporting your home are under water, so the inspector will have to be a…diver!