vancouver housing
 

How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?


is the only way to a home is something like an apartment?

Suburbs and condo or townhome like most every other blue collar person in the lower mainland. Even if you're married and have two average incomes you still won't be able to afford a house in Vancouver. Start small, get a bigger place as you make more money and build equity if that's what you choose to do.

Age has nothing to do with it. It's all about what you earn.
And 50k is definitely not going to get you a house. It can probably score you a one bed room out in surrey.

Sorry friend, but we are being priced out of Vancouver.

With 50k income...


It's called rent.

You don't, just like you arent going to buy a new Mercedes either.
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the answer is time, just wait for the Vancouver housing bubble to appear within 5-7 yrs when the interests rate goes up, ppl are more than happy to get rid of the properties in a hurry

Yeah... I wouldn't hold my breath.

that's why you don't buy a house directly in Vancouver, you buy around the surrounding cities.
same shit for every big city....

Like everyone else said, start small with a condo and townhouse and move up to a house eventually when you've built equity and you're earning more.

Or find a rich woman and marry her....either or :fullofwin:

Do what most people your age do.

Ask your parents to buy you a house (and a new BMW to park in the driveway)

There is merit to this.

I find that among the first timers buying a place today, many of them have their parents outlay at least a portion of the downpayment towards their purchase. The usual reason is that they want to get their kids in a home before they're priced out completely.

These are the same "kids" who are in professional careers making good money, have little current overhead (living at home) and spend their most of their discretionary income instead of saving it.

Given the housing prices here and the existing economic climate, you're way ahead of the game if you can buy on your own.

Don't bother trying to time the market for a crash.

You can definitely buy with a $50k/yr income. You just have to be realistic and have a strong backbone because the mortgage will cripple you for a while.

And yes, the new norm is getting into an apartment.


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:suspicious:

I wonder what would happen if price of apartments becomes too high for anyone in the middle to class to buy (say an average aparemtns goes up to 650k)?

dotn want to make fun of you.. but a guy in the mid 20's would rather spend the money for parties and girls... not thinking about buying a house..



but.... if you matured, start with a condo.. even townhomes cost a pretty penny.. and if u end up loosing that job paying 50K/year, a condo wouldnt hurt you as much..

Even in suburbs, it's not possible for him to afford a house at 40-50k/year. And it's not the same shit for every city, houses in most north american cities are more expensive in the suburbs than in the city.

You do realize that these people aren't buying the homes with a mortage. They couldn't care less about the interest rate.

1) Buy a 500K tiny house in Vancouver, chop the basement into 4 smaller rooms, rent it out to Mainlander students for $500-700 a month.

2) Do the same thing to your garage. $$$$

3) spend several thousand dollar to build a green house look-a-like portable in the backyard, make it comfy inside and rent it to mainlander studnets again LOL

Me and Truong are in our mid 20s and own our own home. you jelly?

We have no lives though, both of us work 7 days a week, if you're willing to do that you can own your own home too

question is why leave your parents? :D many cultures believe in staying together after all

some friends bought their first places in their 20s but circumstances arose and they couldnt afford to keep them anymore 1 even went into bankruptcy

best thing to do is just to save or/& stay with your rents until you've a secure footing

trying to juggle a house etc etc is asking to fail

I wouldn't do the whole buying a house and renting out bits of it.

Something like that always incurs unexpected expenses.
Example, our garage burnt down, freak lightning strike.
We had to rebuild it first before insurance would settle with us.

Last tenants had an amateur grow op, got in trouble with the law, ran away without paying rent AND trashed the place.

Don't count on your tenants to pay up unless you've got a decent amount of savings that you can use as a wide buffer.

I know people who have been saying this for 7 years. lol

Buy land. It goes up in value.
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tough when you're single. Possible with dual income.

Not sure I follow the logic here why would people in fixed rate mortages care that intrest rates are going up? Why would that make them want to sell?