“Finally in 1987 my parents afforded an old house built in 1916 for $87K. That’s all they could afford. Over the past 30 years the house value has gone up to over $700K and they haven’t even done anything to increase its value.”

“My family immigrated to Vancouver in 1981 from the Philippines with $200 and 4 suitcases. We rented basement suites from 1981-1987 when the housing market was so bad, and finally in 1987 my parents afforded an old 1916 house for $87K. That’s all they could afford given they were also sending my brother and I to private schools. I had a very modest upbringing to say the least. Over the past 30 years my parents’ house value has gone up to over $700K and they haven’t even done anything to increase the value of their house.
MANY Vancouverites are immigrants from developing countries even poorer than China. MANY Vancouverites are extremely hard workers who would like to continue living in a home they can call their own. We would also like to ensure our children and their children can do the same.”

val at The Thirties Grind 11 July 2012 7:07pm

4 responses to ““Finally in 1987 my parents afforded an old house built in 1916 for $87K. That’s all they could afford. Over the past 30 years the house value has gone up to over $700K and they haven’t even done anything to increase its value.”

  1. Renters Revenge

    That equity:
    “You didn’t build that.”

  2. Net gain, adjusting for interest rates: $475k, deduct taxes. Not bad. Sell and buy an acre in one of the sane zones. Bank the rest in one of those agricultural land lease deals (RBC had one paying 5%) and live off the dividend Your parents win the game. Congrats.

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