“Buying would require some kind of weird financial voodoo. On a whim I applied for “affordable housing” apartments at Woodwards, and we’ve been approved. … A 2 bedroom with a nice view for $1,400/month.”

‘Affordable housing’ in Woodward’s at $1,400 per month? Are these units government subsidized? How? Who qualifies? -vreaa

This from caps for sale at vancouvercondo.info 20 Feb 2010 12:45 pm & 1:00 pm -

My husband and I need a new place to accommodate our new family addition. We’re currently renting a 1.5 bedroom for 900-ish, that we moved into awhile ago. We were thinking of buying, but it is just impossible without doing some kind of weird financial voodoo. Anyway, we have just started looking to rent, and we’re not in a big rush, but we know it as to be done within the next 8 months. On a whim I applied to one of those “affordable housing” apartments at the new WOODWARDS development and we’ve been approved. We were early enough in that we can choose one of the nicer apartments, and they’re not bad. Actually pretty nice and spacious (900-950 sq feet) for the price, I think. There is a 2 bedroom with a nice view for $1,400/month. The thing is it’s all happening so fast, we’re supposed to sign the lease today if we want it. It’s a bit more than we were hoping to spend, on the other hand it’s convenient to our jobs, transit (we don’t drive) and nice and new. I’ve been renting a studio about a block away from the towers for over 5 years, so I know the bad things about the neighbourhood. Oh, for those who are interested, I don’t think the “affordable housing” is going to a bunch of welfare winos, as I’ve seen on here. They gave us a pretty thorough going over to make sure we earned enough to live there.

“I just looked into what it would cost to buy in ‘Ginger’, an apartment which is 800 sq feet (ie 100-150 square feet less than the woodwards rental) would be, wait for it………a half million dollars. Yet we still got the “you’ll be throwing your money away on rent lecture”.

One response to ““Buying would require some kind of weird financial voodoo. On a whim I applied for “affordable housing” apartments at Woodwards, and we’ve been approved. … A 2 bedroom with a nice view for $1,400/month.”

  1. It was part of the original woodwards deal. The apartments are run by an association that seeks to preserve permanent rental stock.

    The relative that gave us the “don’t throw your money away” advice took a look at the market and reconsidered – she wasn’t suggesting we buy at ginger at those prices! I just want to stress, as I did in my original post, that she is someone who is careful with money, good with real estate and generally awesome, just worried for us that we’ve missed the boat (maybe we have). But that line strikes a nerve in me, since we’ve been carefully saving the difference between rent and a mortgage this whole time, and are debt-free, unlike many we know. It’s silly, but I feel like we are considered bad with money just because we don’t own, whereas people who still carry debt and have no savings are”good” because they bought.

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