It’s the sad truth. I worked hard, invested my money and put 5% down on a 2BD Langley condo to get in the market…as a single person in my early 30s. Most of my friends have no plan to ever buy a house/condo and they’re all making great money.
I'm top 20% earner last year (target is top 13% this year). I qualify for less than 5% of the available houses for sale in my city. When I bought my duplex a dozen years ago (and stupidly sold in 2017), I had the pick of the litter with the basic 5% down CMHC mortgage.
Why people have to live in vancouver when most of the time they are working indoors? It’s not like you are enjoying vancouver outdoors 24/7. After all, you wanna live where your income can buy you the basics.
Whatever drives them to do so is evident elsewhere as well… long haul truck drivers that sleep in their very nice luxurious bed 7-10 nights a month (if that), with all the toys parked in the garage collecting dust only to sell it all and downsize dramatically due to a heart attack… just an example.
I deal in real estate in a small market (Windsor Ontario) and it’s the exact same story. He’s 100% right. I have yet to deal with any first time homebuyers as a 24 year old realtor (being in the field for only 2 years)
My parents never gave me money for a property. I just bought the smallest I could afford, rented it out, and built equity. Years later, I invested in the market against my HELOC. I gained more equity. I was lucky to do it this quickly because my parents let me live with them for so long, allowing me to save.
Yup me too. Granted, not in Vancouver city limits, but greater Vancouver. But honestly, an old condo in Vancouver is expensive but attainable for most with a decent income (career, not job). But they want their cake and to eat it too. I have no car payments; drive an old beater. Don't eat lunch out often and rarely buy coffee out.
It's because of people like you that the housing Ponzi scheme is still going otherwise it'll have crashed a long time ago. When beachfront properties in Hawaii are cheaper than Abbotsford, then you know it's a big bubble
We did it ourselves. Moved away for 4 years, worked hard and saved for a down payment for a single family house in Vancouver. Its doable, you need to have a high paying job and be very disciplined
(Just saw this was Canada- I hope that it's similar to the states and my comment is still valid) "Nobody" = young people in the nicest places in the country. There are GREAT SWATHS of land with "relatively" affordable houses that people are moving into everyday as first time buyers. I'm in the internet industry in KS. We pay our techs base entry level pay at 24 and hr. Many of them have been able to save up and get into small houses, townhomes, apartments and so on. We moved out here and bought our first house for 185 making 80 a year. Yes houses are expensive, yes it's not as great as it once was. But this idea that you are spreading is shortsighted and hyper specific to certain zones of the country. Young people stop listening to these doomers, there is work, there are nice houses, there is still room to get into "the market" and starting to build momentum. No you don't get to live on a hill that overlooks the mountains or oceans but there is much life and work to be lived while you get momentum.
No, they don’t pay tax that much. If they make 350k a year, I’d say the tax is only around 90k to 100k. Check with your accountant. Looking at the tax chart doesn’t give you the right answer. Lol
Yup, time for a real estate revolution in Canada? Look at the politicians over the last while amd time to hold them tk task by the people? As this is because of them in many to most ways.
Just the ones ruined by leftist policies. I live in the suburbs of a major metroplex and while it's more expensive now than in the past, it's actually possible to still buy a starter home.
No it’s not. Vancouver isn’t even a big city. The problem with Vancouver is they let foreign money from China price out their locals. Government turned a blind eye to it as anyone who owned a home got rich.
It’s the sad truth. I worked hard, invested my money and put 5% down on a 2BD Langley condo to get in the market…as a single person in my early 30s. Most of my friends have no plan to ever buy a house/condo and they’re all making great money.
Well spoken. A sad truth
I'm top 20% earner last year (target is top 13% this year). I qualify for less than 5% of the available houses for sale in my city. When I bought my duplex a dozen years ago (and stupidly sold in 2017), I had the pick of the litter with the basic 5% down CMHC mortgage.
Something smells. If these agents don’t get it, eventually they will.
Why people have to live in vancouver when most of the time they are working indoors? It’s not like you are enjoying vancouver outdoors 24/7. After all, you wanna live where your income can buy you the basics.
Whatever drives them to do so is evident elsewhere as well… long haul truck drivers that sleep in their very nice luxurious bed 7-10 nights a month (if that), with all the toys parked in the garage collecting dust only to sell it all and downsize dramatically due to a heart attack… just an example.
Great summary. More people need to hear this message
I deal in real estate in a small market (Windsor Ontario) and it’s the exact same story. He’s 100% right. I have yet to deal with any first time homebuyers as a 24 year old realtor (being in the field for only 2 years)
And windsor is way cheaper...
My parents never gave me money for a property. I just bought the smallest I could afford, rented it out, and built equity. Years later, I invested in the market against my HELOC. I gained more equity.
I was lucky to do it this quickly because my parents let me live with them for so long, allowing me to save.
Man i worked like a dog and bought a house 3 years ago. It was hell to get there but if your disciplined you can do it.
Yup me too. Granted, not in Vancouver city limits, but greater Vancouver.
But honestly, an old condo in Vancouver is expensive but attainable for most with a decent income (career, not job). But they want their cake and to eat it too.
I have no car payments; drive an old beater. Don't eat lunch out often and rarely buy coffee out.
It's because of people like you that the housing Ponzi scheme is still going otherwise it'll have crashed a long time ago. When beachfront properties in Hawaii are cheaper than Abbotsford, then you know it's a big bubble
Plus that little bit of mortgage fraud you committed helped.....right wink wink....🫣😶🤫😉😉
How can this message get on CTV lol
We did it ourselves. Moved away for 4 years, worked hard and saved for a down payment for a single family house in Vancouver. Its doable, you need to have a high paying job and be very disciplined
Facts
You just explained a ponzi...
❤
(Just saw this was Canada- I hope that it's similar to the states and my comment is still valid) "Nobody" = young people in the nicest places in the country. There are GREAT SWATHS of land with "relatively" affordable houses that people are moving into everyday as first time buyers. I'm in the internet industry in KS. We pay our techs base entry level pay at 24 and hr. Many of them have been able to save up and get into small houses, townhomes, apartments and so on. We moved out here and bought our first house for 185 making 80 a year. Yes houses are expensive, yes it's not as great as it once was. But this idea that you are spreading is shortsighted and hyper specific to certain zones of the country. Young people stop listening to these doomers, there is work, there are nice houses, there is still room to get into "the market" and starting to build momentum. No you don't get to live on a hill that overlooks the mountains or oceans but there is much life and work to be lived while you get momentum.
Canada is special kind of absurd.
Lol
The doctor that make 350k a year pays 180k in taxes… still need 10 years to save for a down payment
No, they don’t pay tax that much. If they make 350k a year, I’d say the tax is only around 90k to 100k. Check with your accountant. Looking at the tax chart doesn’t give you the right answer. Lol
Yup, time for a real estate revolution in Canada? Look at the politicians over the last while amd time to hold them tk task by the people? As this is because of them in many to most ways.
It is normal in every big cities , isn’t?
Just the ones ruined by leftist policies. I live in the suburbs of a major metroplex and while it's more expensive now than in the past, it's actually possible to still buy a starter home.
No it’s not. Vancouver isn’t even a big city. The problem with Vancouver is they let foreign money from China price out their locals. Government turned a blind eye to it as anyone who owned a home got rich.
Aren’t Chinese investors great?
Other races of people don’t invest?