This is one of the few stories that I hear about knowing a friend or relative who can afford to buy a relatively new home in Vancouver.
One of my uncles calls my parents to brag about her daughter and her husband looking to buy a home in the $2 million range. They want to buy a home with a big lot, bigger than the standard lots for homes these days.
Then I find out that of course, his daughter, my cousin, and her hubby are getting some help with the home purchase. How?
It turns out that the hubby's parents are gonna sell their town home. Then my cousin will sell their townhouse in the south Main street area of Vancouver. The proceeds of the two townhouse sales will be used to buy this new house.
I figure that my cousin and hubby can afford to buy a $2 million with the sales of the homehomes and the hubby's high employment income. He makes $500,000/year as a partner with one of the big four accounting firms here.
Smart move on their part. They convince the in-laws to sell their home so that they live in the basement of the new home that they buy. The in-laws give them the money to help buy the home AND also free baby sitting while my cousin and hubby go to work.
My first thought was "Yeah, good luck with buying a $2 million home in Vancouver. If it comes down to a bidding war for a home in this range between my cousin and her hubby vs. a Mainlander, the Mainlander is gonna overpay to beat you and buy the home".
Offshore buyers beats the local buyers in Vancouver.
