|
Unless your parents were well off good luck buying into Vancouver real estate as a first time buyer. I mean $250k for a condo is ridiculous. Its simply not worth it, condo's dont build equity that fast and with the current economic condition it's a bigger risk. Should not have to pay such a large portion of my income to live in a condo, so I choose to rent even though I have enough money for a down payment.
I know this is apples and oranges, but for the price of a 1 bedroom condo in the suburbs of Vancouver (Coquitlam etc) you can buy a full size 3 bedroom house in Nanaimo, BC.
There is simply no value to living in the lower mainland.
They're teaching kids that they shouldn't be paying more than 30% of their budget on living space. Good luck with that.
The only people that defend our real estate market are baby boomers, who bought in when it was affordable and the economy was growing. Then they beat up the current generation for "not working hard enough". Oh and Asian investors.
/endrant
|