Quote:
Originally Posted by Hondaracer
Srs question..at what point does housing become "affordable"
Is a 2000sq foot east Van home "affordable" at $800,000 with a higher interest rate?
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Even if the interest rate was low it's still unaffordable at $800,000.
Let's be real, if housing prices dropped 50%, it'd still be 'unaffordable' (houses)
However, there are ways to make it affordable to you if you can actually get a down payment on it. Houses generally are built so they have 2 rental units underneath, and a laneway if you have the lot size. This easy helps with the mortgage or even pays for it since Vancouver will ALWAYS be a renters market. You just have to sacrifice the living space, privacy, and possible destruction of your units