Look at that 4 car driveway doe:ahwow:

The house that was for Johnny factory worker and his stay at home wife with 2 kids now needs a neurosurgeon and a partner at a law firm with no kids to stretch to purchase it.

Pretty much lol..I grew up in Fraser heights and that was the typical family arrangement for most of my friends growing up. The people who lived in the “nicer” subdivisions or in bigger, newer homes generally just had a higher level executive type Dad or they were a business owner, with the mom still staying at home or at most working part time.

I had a conversation with my cousin today. Has a gf for three years.

He makes about $90k gross and has about $30k in investments. He asked his parents to help him out with a down payment, but they said no.

He said he could probably afford ~$600k condo. He asked if he should continue to save and invest or if he should just buy something right now.

Honestly, I didn't know what to tell him. I feel like I would have to think about that. What would you guys do?

600k condo on 90k income with 5% down :heckno:

Unless the gf forking out 1000$ for half the "rent"

90k income isn't gonna be able to support $570k MTG + Cmhc. :pokerface: more than you can afford pal Vancouver,

Slurry it is :awwyeah:

unless he wants to be house poor, then tell him to go ahead. Remind him the average condo strata fees are $350+ for a 1 bd. I've seen some for $400 for those with a gym, pool, conciege...

90k gross can pay for a 600k condo? Is he sure?

Is he living at home right now or renting?

We were paying $210/mo in our previous 1br. It's gone up to around $250/mo now from what I can see. Still reasonable but seems to be an anomaly.

He was just guessing $600k.

He's living at home right now.

I punched in that info into a mortgage affordability calculator. Assumed that it would be a rental property earning $2,000/mo. The condo he can afford by himself is ~$450k.

He's gonna need a second income or much bigger downpayment for $600k. That being said, your cousin should not buy a property with his gf unless they're going to get married within a year.

He'll have to put down his 20% = 120k. Lose his CC, clear of any debt and no car payment in order to qualify at $90k. I went through the same thing in 2020 right when lockdowns happened and my wife had to go onto CERB.

As long as he is living at home and not paying $1500-2000 in rent a month, he has options. Tell him to check with a bank and find out exactly what he can afford, and then decide what to do. I think 450k is more reasonable, but there's not much out there for 450k.

Is his relationship with his GF serious (like marriage material for him)? If so, they should consider going in together. I know a lot of late 20s are buying together with their long-term partner, even before they get married.

Sucks that you have to co-own in the lower mainland most the time… I know so many guys and girls who are stuck in shit marriages cuz everything is tied up in their home / they can’t afford to go it alone. Talk about a miserable way to live your life.

Just save for retirement, every $100K he has in index funds will increase his yearly income by $6-8K in investment income. So real estate is not the only way to build wealth.

At $90k/year gross he only qualifies for $450K without any debt. In addition, he should have $150K (DP to avoid CMHC) + $20k (Closing Costs) + $6-10K safety fund before considering a purchase. I suggest he rents in the area he wants to buy in before actually purchasing, especially if he lives at home. How does he even know he wants to move out if he never lived away from home. I think most of the newer young adults have never paid a bill. So I think for someone to buy a place after living at home their whole lives will be met with a big financial shock.

$90k income with no help? Surrey's $400k Condos it is ��. Mans needs to make more.

^ Try to get into an older building ... constructed around 2000 or so? 1 bedroom for about $400K and slowly build some equity? Disclosure, NOT a real estate agent so I know diddly.

For example $400K, 1bd 1 bath, ~500 sqft, in-suite laundry, $215/mth maintenance, Boundary and Kingsway, looks pretty new and modern
https://www.realtor.ca/real-estate/2...reet-vancouver

https://cdn.realtor.ca/listing/TS637...2651071_13.jpg

^
You sound like a realtor... calling a 415 sq ft place "~500 sq ft" hahahaha

^ apparently, 85 of those is the patio :lol

That's a really nice unit for 415 sqft!

I have 2 friends on that 3rd floor.

i agree, if you can't afford what you want but just really wanna get in the market just settle for somewhere smaller/older.. you can do a lot with a small space if you are creative.

i bought a condo that's just finishing now but also has those square toilets... anyone want free toilets, never been used? lol. my bidet won't fit on those so i'll prob replace one if not both toilets right away.

Living at home with parents? If it's a home in East Van, maybe consider asking parents to build a laneway house to live in?

Only downside to that is you don't build up your own equity.

We had a friend look into that with her mom. Didn’t end up making sense the initial investment for the build wouldn’t relate to much gain in equity.

That was 4-5 years ago now though so if she had I’m sure it would have paid off big time.

To build a lane way now though I think you’re looking at 350-500k all said and done

And that's the asking price. wonder what it will actually sell for.
It's assessed at $426K.

Closest example sold for $507K for 466 sq ft but up on the 12th floor.

Also shows as being a 2018 building so not that "old" lol.

My friend just sold her place with her (now) ex-boyfriend. Toxic/Emotionally abusive relationship. She has to move back home now, but she said it's better than keeping the r/s ongoing.

Nothing wrong with that, property has required dual income for a long time. Either you stretch with dual income or suck it up and buy something you can afford. First world problems. But most kids at home these days think they are too good to live in anything more than 5 years old until they realize that they can't afford anything :okay: