“We own a house in Vancouver partly because we got into the market elsewhere about ten years ago & leveraged our way up to a house (with basement suites). However, another big reason we can afford to live where we do is that we have a frugal lifestyle: no expectations of a huge house with a designer kitchen & a bathroom per person; we don’t buy a lot of electronics & other consumer goods or eat out at expensive restaurants; plus, we have no car–bikes, walking, bus & Modo are all really easy in East Van. We do spend more money that some people might on some things–we eat mainly organic food (I actually shop at ‘Whole Paycheque’ every few weeks), we go out for coffee/lunch/dinner fairly regularly at cheaper places & we enjoy our craft beer; we take trips in BC a few times a year & to Europe every few years.”
– Lisa C at thethirtiesgrind.com 1 Jun 2012 2:23pm
This couple are playing the role of building superintendents in their own home, overseeing their tenants in the basement suites (plural, note). Would they choose to purchase a rooming house if they knew that prices will remain static in real terms (rise with headline inflation, currently at about 1-2% pa), or possibly even drop? We don’t think they would have seen it as worth their trouble: They are speculating that future housing price gains will make it all worthwhile.