Quote:
Originally Posted by twoNeurons
I don't. Actually, this is exactly my point. They SHOULD be able to buy a small home... but they don't exist. People will use every sq. ft. they can because the lots are so expensive they NEED to build a minimum of two additional suits just to be able to think about affording the mortgage.
There AREN'T any reasonably-priced family options in Vancouver.
Look at the old bungalows in Vancouver. They were usually two (max three) bedrooms up and a basement. No one can afford to build a place that small anymore.
We have only one choice to owning a house in Vancouver:
Mega house on large lot, must accept tenants to survive.
My contempt is misplaced, I know. It's not the home owner that is completely at fault. If there were options for those that wanted a SFH that didn't involve strata or condo-living... things would be different.
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Besides the idea of having tenants to survive.
Another way and how I ended up being lucky enough. Is the split mortgage. I along with my parents, brother and his girl friend. Bought the house I currently live in back in 98. When of course the price was at least 50% lower. Eventually my brother and his girl friend moved out. And I bought out there portion and now live in the house myself. But don't own the entire thing. The rest is owned by my parents.
So I could easily see other families getting together to purchase a house. Especially if the the parents have lived in the area since the 60's or 70's. And can use the equity in their current home to purchase a new home.
Also there are probably people who bought a small condo years ago and saved as hard as they could for the down payment on a something bigger.