“We have an income of $90,000 to $130,000 and a downpayment of $280,000 and I’m still not touching real estate in Vancouver. It is vastly overpriced.”

This from JJ John at vancouvercondo.info 31 Jan 2010 2:07 pm

“My financial situation is this:

– A property in the UK (my original country before work then marriage brought me here a couple of years ago) almost paid off after owning it for 10 years – worth maybe $230,000
– Savings of $50,000
– No pension
– No investments
– No debt
– Self-employed income varies from 20,000 to 60,000. partner more secure up to 70,000 income

So we have an income of 90,000 to 130,000 and a downpayment of 280,000 and I’m still not touching real estate in Vancouver – vastly overpriced. Much better to rent for $1300 indefinitely. Like you I could buy in another country or another part of Canada (I even like Toronto) but I’d rather rent here. I like to think my frugal, but enjoyable, lifestyle of many years will pay off eventually but at this point I expect never to own property in Vancouver. Houses in decent areas are too expensive and I refuse to pay the ridiculous fees attached to condo ownership. I can see myself maybe owning a vacation property and just always renting in vancouver – if you want to live in a nice area in this city you either rent or mortgage your life away.”

One response to ““We have an income of $90,000 to $130,000 and a downpayment of $280,000 and I’m still not touching real estate in Vancouver. It is vastly overpriced.”

  1. I’m in almost the same boat… I too own a property in the UK, have about 100k in cash saved up, no debt, similar income, but there is NO way I’m buying here now. I bought in the UK in 2006, a year before the peak, when everyone was saying “new paradigm” and “London is special, it won’t happen here.” Now my place in London is worth 20% less than I paid, and I hear the same delusional talk here in Vancouver. I’m waiting a year or two and then grab a nice 20-30% discount.

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