Vancouver is one of the most beautiful cities in the world, but that global cachet has ratcheted up housing prices to levels that have made it impossible for many Vancouverites to get into the real estate market.
According to seasonally adjusted data from the Canadian Real Estate Association, the average price of a home in Halifax is $273,792. That number jumps to $541,637 in Toronto and a whopping $825,635 in Vancouver.
The question is how can Vancouver sustain a market when it's so expensive to get into it? The pool of people who can comfortably afford to buy a house has to be shrinking.
Average house prices have risen 5.5 per cent each year for the past 17 years. If that carries on for the next decade, the average price of a home in Vancouver would rise to $1.3 million by 2024.
Waiting too long if you're committed to living in one of the most livable cities in the world seems like a no brainer to me. I come from a skiing back ground and if you're familiar with Warren Miller movies... And I quote the man himself:
"I you don't go heli skiing this year; you'll be one year older when you do."
According to seasonally adjusted data from the Canadian Real Estate Association, the average price of a home in Halifax is $273,792. That number jumps to $541,637 in Toronto and a whopping $825,635 in Vancouver.
The question is how can Vancouver sustain a market when it's so expensive to get into it? The pool of people who can comfortably afford to buy a house has to be shrinking.
Average house prices have risen 5.5 per cent each year for the past 17 years. If that carries on for the next decade, the average price of a home in Vancouver would rise to $1.3 million by 2024.
Waiting too long if you're committed to living in one of the most livable cities in the world seems like a no brainer to me. I come from a skiing back ground and if you're familiar with Warren Miller movies... And I quote the man himself:
"I you don't go heli skiing this year; you'll be one year older when you do."
It seems his words of wisdom could apply here. If you wait too long to figure out a way into the market. It will just be a little harder in the future.
Besides, as a renter you're just paying down someone elses mortgage.
Get creative.
My two cents.