Quote:
Originally Posted by Winsor_Pilates
The fact that Vancouver real estate has gone up so much in the past 30 years has resulted in many paper millionaires who can now pass that equity down to their kids & grandkids.
This is how our high pricing still finds buyers, but also the reason it's so difficult for those new to Vancouver or who don't have that leg up.
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AI have a few co-workers in Vancouver. One guy is an Engineer probably 37'ish about now, originally from Iran only came to Canada about 12 years ago and him and his wife had bought a place about 7 years ago when both were working an no kids. She was pregnant at the time hence the desire to buy a place. In the 5 years after buying the place, they now have 2 kids, and she was not working. When it came time to renew they couldn't qualify to renew the mortgage on his income (I would guess him to make about 160 a year) so they had to stay with the lender they had at a less than ideal interest rate. Basically said they survive and their house has gone up and might be worth 950 now, but if he wanted to move he'd need something more expensive which he can't afford. Can't really downsize because they need all the space they have. So he struggles like crazy to afford the place he has. I suggested he sell it and come to Alberta where he could buy a bigger house quite easily for 300 less than his current one is worth and make the same money...he said no thanks it's cold there.
My boss is also based out of Vancouver but born and raised there. His house is worth about 1.3 million and I think he paid like 400k or something like that in 2003 type of thing. I was telling him there was no way I could ever move there and cited the Engineer's situation..he's like well he was stupid he bought a place for like 750 grand..I countered with what would your house have cost had you been looking to buy it when he bought his? He went silent. If you've been there for a long time chances are you'll fund your retirement by selling your house and moving elsewhere.