“I am 36 and an IT consultant and my wife is 34 and a teacher. Combined we make 140k/yr. We bring home roughly 7k/mo and our mortgage payment is $1200/mo. We live in Cloverdale.
Instead of buying up more and more house for myself, I put $1500/mo into my RRSP’s and another $200/mo in my kids’ RESP’s.
And if it wasn’t for the daycare costs (to the tune of $1200/mo), we’d be doing even better. I have no car payments btw either as both my cars are currently paid off as is my motorcycle.
You have to make sacrifices in life – live in an East Van condo or live in Langley. You can get a nice place in Langley for under 500k. But you’ll spend a lot of time commuting.
It’s not unusual to have to make those tradeoffs in a large city.”
– rainman_104 at reddit.com discussion of ‘Going Going Gone’, 13 Oct 2011
It’s common in Vancouver that, when owners are advising prospective buyers, they talk of ‘sacrifice’.
But there are different kinds of ‘sacrifice’: the ‘sacrifice’ that comes with austerity and prudence, which is admirable, and the ‘sacrifice’ of accepting very poor value, which is foolishness.