Many renters who under more normal circumstances would have been owners have found the RE market in Vancouver singularly challenging. They have had to be philosophical about their predicament. And they are now getting some relief from signs that change is afoot. These anecdotes from Joshua on Rob Chipman’s blog July 08, 2008 at 10:23pm and 10:26pm -
“I’m 37 and a renter, never owned. Whaddya know, life got in the way – grad school, kids, more grad school, finally got kickass job, looking to buy but … prices outta control… wish I’d got my new job 5 years earlier but what can ya do? I’m waiting for prices to correct, and they will… in the meantime, I’m not too worried. My rent is less than half the cost of owning, I’m banking the rest, there are plenty of ways to build wealth, but buying in the current market is not one of them.”
” Was out in the yard (of the house I happily RENT)… neighbour’s boyfriend’s buddy was yakkin – hey this place I saw at blah blah blah, it was like 539 a couple months ago, now its 499, its awesome… Other neighbour leans across the fence – ya, prices are droppin, you should wait a year… Other guy – totally, I hear ya…the word is out, its on the street.”
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