Quote:
Originally Posted by westopher
I can't understand these people moving to gastown, chinatown, and DTES and paying big money for it. It made sense for a couple of streets, that were a bit sheltered from the bullshit, but seriously, the areas are SHITHOLES. Drug addicts beating their girlfriends, prostitutes, meth deals, etc. I sure as fuck don't want my wife walking through there at 2AM after work, and I especially don't want her to be walking through it on her way to a 550 sq foot "1 bedroom" for 430k. South main is a nice compromise and the worst you have to deal with is a drunk hipster running a stop sign because his fixie has no brakes. Still, if I'm going to pay the outlandish prices to buy here, I'll pay the 50k premium to live west of Granville.
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and perhaps this brings us to the crux of the discussion, when one has to make a choice like this for the sake of ownership in a questionable time of valuation.
as i've said a million times now, you can rent for less than the cost to own, over the long term, renting and investing the difference will come out ahead (always tough to use historical rates, but it's the same for either side).
so, instead of living in what is still not a great neighbourhood in a small box for what is effectively 1/2 a mil, one could rent a really nice place in yaletown, coal harbour, west end, etc. for way less.
having traveled as much as i have this year around the world, it makes even less sense how expensive in absolute and relative terms vancouver is. but that's ok, bc renting is quite affordable, so at least residents have a choice.