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Buying a House in Vancouver

Author:MEhome 2019-04-17 836

New families are especially frustrated while they walk through Coal Harbor and False Creek neighborhoods in the evening.

Next time you are in the area, take a second to look up, and you’ll notice the vast majority of apartment lights are off. So either everyone is saving electricity these days or landlords have taken off and are seeking seasonal renters until their eventual return this Summer.

And that’s just the 1 or 2 bedroom condos.

A typical house in Greater Vancouver will cost you around $1,500,000+. Plus, that’s probably the fixer-upper on the block. It’s hard, if not impossible to get into the housing market before you are 30.

Lottery tickets don’t seem like such a dumb idea after all huh?

The numbers are paralyzing for young families. Many have started to use their parents to combine starting capital for home investment or are holding out at mum and dads much longer than they’d like. This of course, while they race to beat gradually rising inflation rates and living costs amid a foreign-dictated housing market.

Is it really a wonder why today's new families are more stressed when house hunting?

It’s not just buying a home either.

Rentals have seen a drastic shift in prices since the Winter Olympics, with average rental prices cracking $2000, shattering another rental record in a row. I remember renting a room in a house for just $500 in East Vancouver back in 2009.

Even if you've found a great job, staggering rental costs take up a huge chunk of your paycheck, leaving little room for transit, vacations, investments or just enjoying yourself in the evening.

Is there any end in sight?

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