Victoria Questions – “I can’t afford to buy a house without a mortgage that would screw up my retirement. Who’s buying these houses and why?”; “How do people in Vancouver survive?”

“I look at myself living here in Victoria (renting; – sold the house) and pulling in a good pension with plenty of well paid extra part time work. And yet there’s no way I could afford to buy an average house (over half a million) and sleep worry free at night. So if I’m considered to be in the “middle class” and I can’t afford to buy another house without a mortgage that would screw up my retirement, then who’s buying these houses and why?”
Not Wondering Anymore at greaterfool.ca 11 Aug 2011 12:00am

“Tell me, how do people survive? We are in Victoria – our family salary is above average – we have 4 kids that don’t do a whole bunch of activities. We don’t travel, don’t eat out. We just can’t seem to make ends meet.
So, how do people in Vancouver do it, I wonder, if so much of their income is going to RE?”

Victoria at vancouvercondo.info 22 Aug 2011 7:42am


Vancouver Answers:
“Victoria,
Few ways it’s done:
Rent basement
Take on more boarders
Two or more jobs
Loans (gifts) from parents
Of course, the above all come with additional stress.”

[from Anonymous, at vancouvercondo.info 22 Aug 2011 8:21am]

7 responses to “Victoria Questions – “I can’t afford to buy a house without a mortgage that would screw up my retirement. Who’s buying these houses and why?”; “How do people in Vancouver survive?”

  1. You have four kids..you are screwed. no wonder you don’t travel, or eat out.

    • CanuckDownUnder

      No kidding, that is so last generation. My parents had three kids while the in-laws had four kids but nobody would be that crazy today.

      And can you believe neither set of parents were smart enough to navigate the property ladder? My parents bought their first house in the early 80s and still live there and the in-laws bought their first house in the early 70s and still live there. And putting 20% down, that was a joke, right?

  2. My complaint about these suggestions is that, inheritance aside, they distract families away from getting involved in their communities in a meaningful way.

  3. I would add banks willing to lend too much money with tiny down payments or no down payment at all and fools who take out these mortgages.

  4. I wonder who’s buying, too. In the last 5-6 years I look around me and this is all I’ve seen buying;

    2 families who got into the market before 2003 trading up.
    3 or 4 retired folks trading down.
    2 boomers buying investments units.
    2 Chinese immigrant couples buying first homes.

    None of the 6 people I work with in their 30’s and 40’s have bought. And they make $70-$100k.

    I would guess it’s investors and people trading houses. And HAM.

  5. Asians are coming into Vancouver and buying. End of story. That’s why to afford a mortgage, an average 2 income family needs to spend 96% of their earnings on housing. The government takes the taxes and is happy, but give it another 5 years and nobody earning in Vancouver will be owning here… that’s why Canada will be in the sh** in a few years. I’d be just as happy living in the U.S. and making twice as much and paying half for my living expenses…

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