Quote:
Originally Posted by blankall
I don't disagree with this at all. However, I do know many people who went straight into detached without jumping up. These were all fellow lawyers, many in a two lawyer family situation.
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I'm sure there are examples of this, no doubt. Maybe its a lawyer thing.
But if nothing else, it's terrible financial planning.
Say they had 150k three years ago but wanted to save another 50k per year to get to 300k down and buy detached as a first property.
In the 3 years they saved another 150k, the detached house they want went up 300-500k so they're hundreds of thousands further behind.
They would have been way better off getting something (condo or townhouse) when they had 150k down, gaining market equity, not paying rent and then upsizing once they saved more + using the gained equity.
Waiting and saving in Vancouver has proven to hurt people as you're chasing a moving target that goes up faster than people can save.
This is why it's not very common.