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Fiancee and I saved up $125k for a downpayment and bought a 1 bedroom in Vancouver last year. We both have good jobs, but god damn! With that kind of cash we could have bought a townhouse 4 years ago. Frustrating, but what can you do? I don't know too many first time home buyers that have that kind of liquid cash sitting around unless they get help from the parents.
When I finished grad school in 2013 and moved back to Vancouver, my parents were pushing me to buy a condo in Surrey. $225k for a 2 bedroom. Developer would cover all the taxes. I decided I would wait and continue saving because I wanted Vancouver. Similar condos in that area are now $400k, so yah I could have made some coin, instead we have a huge mortgage and we likely bought near the peak.
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