Originally Posted by cabotp
I think of a big reason of how people are affording these prices. Has a lot to do with the multi dwelling houses and now with the addition of the laneway house in Vancouver at least. It allows you in sense buy more for less. You buy the same size house, but you end up renting out parts of it to help pay for the mortgage.
I realize of course not everyone is in this position. But I feel it is a big reason for it.
Yes - owners have had to find creative ways to pay the mortgage - shared ownership has also become common. Doesn't say much about the place when you have to resort to illegal rental accommodation in the basement to own a very average home - although I suppose it creates better density. As for laneway housing, I see this more of a case of the rich getting richer as they will require considerable investment to build the structure.
A friend of mine bought a house in east van for around 800,000 - he has a bst suite and a student in an attic conversion and he's still struggling.
Looking back if I was starting out in my early twenties making an average wage, I'd be looking at moving to some place more affordable. It was not like that at all in 1993 when I moved here.