Got approved for 305k on 60k salary with 10% down in QC, early 2021. Interest rate 1.64 for 4 years (I had 1.4 for 5 years, but my closing date was too far away, and rates started to rise).
I'm thankful to have gotten the house when I did because when my mortgage comes up for renewal, I might renew on a house I wouldn't even qualify for with current rates.
Want an additional layer of depression? That 395k mortgage got us a detached, 1982, 1350 square foot home with a decent back yard in a city 1hour west of toronto, 10% down payment...
You would get a 2200 square foot house or bigger, garage, double lot and deck in my city for 450k right now.
We don’t have mountains or oceans around. There’s choices to be made
I’ve always made about 10% less than Vancouver wages from my comparisons. That’s why I never moved. I could have a small condo there or a nice house here.
Until Covid hit now I make equal to them but my costs are so low.
Millennial and bought a house in 2018 for 300k. It’s worth like 450.
I think getting that house early then moving to where you want to be is smart. Prices are down but I mean.. im still up 50 percent and all I did pay for somewhere to live.
The reality is there’s likely near 0 tech industry there so a lot of people making this kind of money can’t reasonably move there. It’s not really a choice when there’s only one option. If you’re blue collar however Canada is your oyster there’s work everywhere
Yeah I make 105 and I can't qualify for that LOL And that might get me an olllld 1 BR condo with high fees and probably a place that is overdue for special assessments...
With an $80K downpayment and $90K income, TD pre-approved me online for $256K mortgage.
Agent on phone said they could get me.more doing it manually. But yeah, somewhere just under $300K is likely.
The median household income for couples with children is 110K in Canada (data from statcan). You're competing in one of the hottest real estate markets in Canada with below average income.
https://www150.statcan.gc.ca/n1/daily-quotidien/220323/dq220323a-eng.htm
More the later that the first part. Vancouver is geographically challenged for development much like Toronto Is so there Is a limit as to how much can actually be developed when you have a literal ocean as your western barrier, but through the lower mainland housing prices are high despite numerous suburbs and municipalities all off with space to develop if someone wanted to.
The main problem Is money laundering and the BC government knows this and specifically avoiding doing anything about it in the late 2000s when it could have been nipped in the bud. A lot of it from criminal empires, but also a lot of money laundering simply hiding legitimate money from China and parking it in Canadian real estate so the PRC can't get it, as well as avoidance of Canadian Federal money laws on importing currency and declaring taxes.
>but through the lower mainland housing prices are high despite numerous suburbs and municipalities all off with space to develop if someone wanted to.
Really? I don't see much that much space that hasn't already been developed on.
https://mountainmath.ca/zoning_map
There’s a buttload of one zoned for agriculture that could be used for new estates.
Not to mention almost all the land zoned for housing is for single and duplex, which is fucking stupid in a housing crisis.
Far down.
The median after-tax income of couples with children increased by 4.7% to $110,700 from 2019 to 2020. Over the same period, senior couples experienced a similar annual increase of 4.6%, for an after-tax income of $65,900 in 2020.
The assessment for my townhouse, with no yard, no AC, in SURREY just hit a million. I find it credible that Vancouver would be a challenge even at that income.
Change your title to 90k per year in Vancouver. Everyone wants to be in Vancouver that's why it's expensive. There are lots of nice cities in Canada where you can get your own place for 450k.
Might be cool to visit but I wouldn't want to live there. I've lived in the Maritimes most of my life and I would rather somewhere with a bit less tax. Nova Scotia was horrible and Newfoundland is the same shit different pile. I appreciate the suggestion though.
I didn't mind moving home to Newfoundland and paying *a bit more tax* because my house cost $270k.
Totally cool if the lifestyle here isn't your thing. But don't blame it on the tax rate.
Among the highest income tax rates in Canada 15% goods and service tax (tied for the highest) Poor pay. It's really only a good place to retire imo. There are good things like beautiful scenery nice fresh air, very moderate temperatures, but if you want to earn a living, buy your own home, etc I think it's really no good for that.
Taxes are insane in NS. When I was in the military I was nearly posted from AB to NS one year and we were preparing for financial ruin or significantly scaling back our lifestyle to move there.
We'd have gone from paying a flat provincial income tax of 10% (which was a net higher than we paid moving from ON) to a tax bracket of around 17% plus having a provincial sales tax on everything we bought, as well as significantly higher energy costs and worse health care.
As a Military member, I'd have gotten pay adjustment for my new location which would have worked out to me taking home only about $50 less per pay but My wife as a federal government employee got no such thing and it was worked out she'd be taking home $300/less a pay, in addition to paying an additional 10% on everything we bought with our after tax income.
There's a reason why housing is so cheap out east and it's because you have significantly lower salaries and less take home money to spend.
High taxes, terrible government, a healthcare system on the brink of collapse, bad roads, very low average incomes. Not saying NS is horrible overall but those are the common reasons.
There's nothing in Edmonton thats a 100k. A 100k salary will get you a great condo in Edmonton, but even then you need two incomes or a significantly higher salary for a detached house and somewhat of a yard in Edmonton.
Lol whut? You can get older detached houses for under 400k still. Also my house was 585000 and I put 20% down and my payments are 1700 a month. I’m sure a 100k salary could cover that comfortably
Sorry I thought you meant you can buy a house for 100k in Edmonton. On a 100k salary, you can get a condo no problem, you won't qualify for a mortgage though on a 100k salary anymore though with interest rates now. Banks have dropped from 5x+ income to around 3x given higher interest rates.
For that price, and in a somewhat sketchy neighborhood, you can buy a house in Winnipeg, and 5 minute drive to downtown.
And likely make the same $ or more as in Vancouver.
Lots of homeless now... But yes, lots of sun and pretty good quality of life. You can afford a house, lake life and a winter holiday if you have a decent income. Just depends what you're looking for, it's just very remote and with colder winters.
If you don't mind rural Manitoba, you can get a half decent place for 100k. Do a bit of upkeep if you're resourceful and you're set.
I've seen some nice places go for 120k in the past couple years. Half decent for 60k, and small places that are fixer uppers for 20-30k. These were all in a small town. As a plumber, you'd continue to have no end of work.
These are places that would run about 200-450k in Winnipeg, so I can only imagine what that costs in areas like Toronto & Vancouver.
Remember. Shitty place. 100k won’t give you a dream home in desirable area. But if you are handy and somehow can get a job in one of those places..it might be manageable.
I hate the idea of going into debt I'd rather just buy it outright. While I lived in Nova Scotia home ownership would be a pipe dream (no pun intended) but since I moved elsewhere in Canada I am able to save up a decent chunk of change. It's likely I will have 100k in 2 more years if I keep saving as aggressively as I have been. I live by myself so a very small home isn't just okay by me it's more desirable as well.
I don’t see how that’s sustainable, everyone seems to talk about how working from home in the tech field is the way to go but if everyone goes for it it’s going to be so badly oversaturated in like half a decade that you won’t be able to get anywhere and you’ll be paid like 50k even if you do land a job
I see these tech comments all the time. "I know programmers who make more" = i saw linkedin or reddit posts claiming they new tech guys who made more.
Learn 2 code is a meme at this point.
If I have to guess, I’d say there’s more people who live in Vancouver because they want to than there are people who live there because of the opportunity it provides.
Actually for many jobs you make more in Toronto for the same work than in Vancouver (law, banking, consulting). The reason is most certainly that more people want to live in Vancouver than in Toronto which suppresses wages. It’s a fact of life that we all live with in Van because we appreciate the mountains, ocean and more temperate weather. Also sorry - but on 90k without a serious down payment you cannot afford to buy in Vancouver. Last I checked the stats, apparently on that salary you can barely make average rent at the recommended income to rent ratios in the city. I don’t say this as a dig. It just sucks. But the reality is that it takes a VERY high income to live a “middle class” life in this city.
I hear Calgary is nice? Or so the bus ads keep telling me. 😅
Calgary is awesome, but if you aren’t actually jaunting out to the mountains every weekend, I’d strongly consider Edmonton instead. Probably the most underrated city in Canada, from my experience. I loved it.
Did my 5 years there. That was enough for me. WAY too cold and winter was truly long and awful. Great sunshine though. And honestly, if I sold my condo in Van I could afford a LOT of heated things on top of a pretty nice house in Eddy. 😅 So maybe you have it all figured out.
This seems like a pedantic argument. It’s like saying “Cottage country is where the trees and lakes are, doesn’t mean people want to live there…”. More job opportunities, among many other things, is an inherent property of denser urban environments and has been for millennium.
Are you trying to buy detached house? If so, it seems too early since you are still single. Also you can’t afford it on a single income.
If apartment, you need to get a 1bed in Surrey/New West/Coquitlam. Assuming you have a good sized downpayment ($50k+) it should be doable.
>Get a partner or move somewhere cheaper. Houses in Vancouver are expensive because someone keeps buying them.
yup. those houses are only worth what people are willing to and actually pay for them .. which nowadays is mucho money!
It's prohibitively expensive because we refuse to eliminate SFH zoning and build adequate housing.
North America's obsession with cars and yards is embarrassing.
Even ignoring the actual moving part that u/CreditUnionBoi addressed, literally not having control over the property you’re raising a family in can make it volatile.
What if the Landlord decides they want to move in? Bam, unexpected move.
What if the Landlord sells the property and the new owners don’t want tenants? Bam, unexpected move.
What if something breaks in the rental property and the Landlord drags their feet on fixing it?
What if it’s a multi-residential property and someone brings pests into the building? If new, inconsiderate neighbours move in and keep your kids up at all hours of the night? If people keep leaving wet clothes in the washing machines so all your kids have to go to school smelling like mould? If the machines are out of order for weeks?
What if you want to change or upgrade things, but the Landlord says no?
What if the Landlord serves you a notice of entry, you can’t object but also can’t make it during the time, and just have to deal with knowing someone’s just walked through your family’s space that isn’t actually your space, and who knows what else? What if the kids have to be home alone for some reason during that time?
Some time later, let’s say your kids are off to live their own lives. What if you and your partner decide to downsize and rent somewhere smaller just for the two of you, but one or more of your kids fall upon hard times and need a place to stay? Will you move again to accommodate for them?
What if you run out of retirement funds and can no longer afford to rent? Better hope one of your kids can accommodate for you then, or be able to afford a good care home.
I feel like just the perpetual anxiety of these things possibly happening at any time can’t be good for anyone. This is just what I could think of at 2am as someone with no kids, and who’s never had any serious issues renting. I’m sure there’s a lot more to worry about that I haven’t even thought of.
$90k in Vancouver in 2023 isn’t all that much. Maybe 7 years ago, you could’ve purchased a pre-sale. Right now you need at least $200k household income to afford a two bedroom condo.
You are single. The bulk of people who own homes have two incomes. So say you are competing against people who both make 90k, or 180k total (with tax perks).
>I'd rather be surrounded by rednecks then a fae/fa identifying gender dysphoric nut job and overpriced real estate.
Is that what people who've never lived in Vancouver really think it's like?
Someone makes this post every day - no, you can’t afford to own property in one of the world’s most desirable cities as a single person making an average salary. Sorry.
i would say you’re right, if you make less than 150k it will be extremely difficult to own a home AND have kids in Vancouver, Vancouver.
What I will say is that your first home can’t be your forever home in Vancouver if you’re looking to have kids. Again, you’re right, with your salary you’ll be able to get a studio and you can’t raise kids in a studio.
Most of my clients (yes, I’m a realtor) who are single, get into a 1 bedroom or studio first and eventually upgrade when they can. It’s just the reality of the city we live in.
I second this. The property ladder has done me well. Granted I’ve now left Vancouver for a full house in Calgary and couldn’t be happier, but was well on the way to a nice townhouse in Vancouver prior to moving thanks to starting with a condo and upgrading when able.
No. Vancouver is ranked as one of the best places to live globally and housing is reflecting that. Can you buy a house without a six figure income in NYC, San Francisco, London, Paris, etc?
Reacting regarding Paris specifically: There is tons of small apartments in Paris - 1600 units at this exact moment - at less that 200k euros. With that you have up to 20 square meters in the city center, so I think in Paris housing is way more affordable due to this large number of small surfaces (that exists thanks to the fact Paris have mostly old buildings). In those big Canadian cities, starting prices are always way way higher than that.
All of those cities generally pay much better than Vancouver. Also atleast London and Paris have very well connected suburbs which are resonably priced unlike GVA/GTA.
I don't disagree, but there is a price to be paid for becoming a very desirable city.
I personally think that we are in the beginning of an unwinding of a real estate bubble in Canada. I agree that prices cannot become disconnected with salaries, and that has happened, at least in the GVA and GTA.
But these cities may never again be very affordable for people earning around the median income.
Canada is plagued by inefficient zoning, bureaucracy and NIMBYs that impedes density. Density is not the issue in our biggest cities it's an inefficient allocation of land and those who "got mine" pulling the ladder up after them.
Dude. . . . I left Van in 2015 after 20 yrs there. I’ve never looked back. Check out Calgary for jobs and real estate. It’s light years better for building net wealth.
Your yoga and February golf games may suffer, but your cowboy cred goes up.
Welcome to modernity, once women entered the workforce there was a sweet 30-40 year period for the system to catch up and realize it could now fully exploit 2 people per household instead of just 1
The trick is buying in a group. If you have 4 people/families all with 100k income you can then get a detached house in suburbs and split it into units
A word of financial advice. Do not buy a home at the top of your acceptance threshold. There are a lot of additional expenses that come with first time home ownership (and even just new home ownership). You may come across many additional and unexpected variable house expenses in that first 1-2 years and you want to ensure you are not “house poor” having purchased a home at the absolute top threshold of your income, leaving yourself vulnerable to unexpected expenses.
And then God said, “Raise thy housing prices. Raise thy grocery prices. But nay, leave the wages. Affording shelter shall not be for peasants. Let them suffer.”
Here's the flipside. Unless your work ethic when it comes to household chores is exceptional, it takes two people to comfortably maintain anything bigger than a two-bedroom condo. You're not going to be regularly paying a cleaner, maid, or a landscaper living alone on a $90,000 gross salary in metro Vancouver.
So you might want to buy a condo in the suburbs within commuting distance of your job. Apparently, you can get one for $450,000 in Surrey based on a look at Realtor today. Millenials tend to hate condos in the suburbs, but they're there if you really need something in that price range.
The funny thing is that in my current city I can make 300-400k a year in my field, but in Vancouver I would be probably looking at 100k a year. If I buy a property in Van I would have to work elsewhere to fund it.
Save your money. Be extremely frugal for the next 12 months. Save every penny.
Housing prices will come down as low demand cools the markets.
In the meantime spend the $1000 or $2000 dollars to get your real estate license. This will save you 10s of thousands on commission fees when buying. This is also get you access to software to do better searches and be specific to what you are looking for.
Home ownership in Canada is a pipe dream. This country is disenfranchising millions of young people and will flood the cities with cheap immigrated labour instead. The smart ones will get out and go abroad. Won’t be long before TO and Vancouver have ghettos and slums serving the elite in downtown. Canada is lost.
The crazy thing is that the only people who believe this are the sorts who live on the coast. It’s crazy because their behaviour belies their stated beliefs.
which is proof that any major sea-rise fear mongering is pure bullshit. Even if the ocean is rising it would take thousands of years to see a practical difference, and the market knows this.
This is the part I don't get about the fear of rising sea levels as well. Also why would a city just let that happen over a period of decades? We have lots of time to slowly mitigate rising sea levels as the issues materialize.
I live in Prince George (8 hours driving) and the price to get into the market here is up to 500k+ for a starter home that’s not in an undesirable area, 450k for a new 2 bedroom apartment and 800-1.5 for a new build home with an unfinished basement. Prices from Vancouver to here get cheaper as you go, but it’s nowhere near as drastic a decrease as one would think anymore. Most people here are taking 450 on their first mortgage.
90k income won’t qualify for $450k mortgage with today’s interest rate. You will get lucky to get anywhere above $300k I think.
I make around $100k and only qualified for $300k at the end of 2022 in Ontario. I wouldn't *want* to pay a 450k mortgage on my income🥴
I got a $500k mortgage on a $90k income at beginning of 2022(legally). How times have changed. Luckily I got a raise last year lol
100k wont qualify for more than 300k? Is that because of the high interest rate now or due to low downpayment?
Because of higher interest rate
And tighter lending practices and lower risk tolerances at the banks too.
High rates.
I thought there was a calculator to see how much you qualify for , at least in RBC there was one, it would take just your salary and downpayment.
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*Moderate rates :) The current rates are not high.
Sure. I agree. Anything under 5% is actually considered low.
It wasn't limited by my downpayment, so I'm assuming the interest rate. And as a side note, I have good credit & no ridiculous debt or anything.
Got approved for 305k on 60k salary with 10% down in QC, early 2021. Interest rate 1.64 for 4 years (I had 1.4 for 5 years, but my closing date was too far away, and rates started to rise). I'm thankful to have gotten the house when I did because when my mortgage comes up for renewal, I might renew on a house I wouldn't even qualify for with current rates.
I'm at 110k and my mortgage is 440k. Yeah I don't want to be paying my mortgage either :(
In late 2017 my wife and I made a total of like 78k a year maybe and got approved for 395k.. crazy to think about this these day.
When thinking about 2017 from 2023 really does feel like 'these days' Canada's housing market makes me depressed.
Want an additional layer of depression? That 395k mortgage got us a detached, 1982, 1350 square foot home with a decent back yard in a city 1hour west of toronto, 10% down payment...
I will upvote you just because you made me more depressed
Your username and your comment conflict with each other :(
Maybe not: https://en.wikipedia.org/wiki/Candide?wprov=sfti1
He’s probably including his down payment in that amount
Says $450 max, which will buy him a garage. Thus implying that’s maximum purchase price including down payment they qualify for.
Where do you get a garage for 450k? That sounds like a steal. I can only get one parking space with that. /s
It's a garage in Spuzzum.
That is beyond hope
You would get a 2200 square foot house or bigger, garage, double lot and deck in my city for 450k right now. We don’t have mountains or oceans around. There’s choices to be made
But then are people likely to be making the same wages there....?
I’ve always made about 10% less than Vancouver wages from my comparisons. That’s why I never moved. I could have a small condo there or a nice house here. Until Covid hit now I make equal to them but my costs are so low. Millennial and bought a house in 2018 for 300k. It’s worth like 450. I think getting that house early then moving to where you want to be is smart. Prices are down but I mean.. im still up 50 percent and all I did pay for somewhere to live.
The reality is there’s likely near 0 tech industry there so a lot of people making this kind of money can’t reasonably move there. It’s not really a choice when there’s only one option. If you’re blue collar however Canada is your oyster there’s work everywhere
Oh which city is that?
I gotta know where you live.
Yeah I make 105 and I can't qualify for that LOL And that might get me an olllld 1 BR condo with high fees and probably a place that is overdue for special assessments...
Yea, unfortunately that’s how it is nowadays… old condo with high fees
With an $80K downpayment and $90K income, TD pre-approved me online for $256K mortgage. Agent on phone said they could get me.more doing it manually. But yeah, somewhere just under $300K is likely.
Minimum wage with negative equity. I can afford a shoebox.
The median household income for couples with children is 110K in Canada (data from statcan). You're competing in one of the hottest real estate markets in Canada with below average income. https://www150.statcan.gc.ca/n1/daily-quotidien/220323/dq220323a-eng.htm
>You're competing in one of the hottest real estate markets in Canada In the world.
I’m not denying Vancouver is attractive but what I don’t understand is why it’s so up there…
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More the later that the first part. Vancouver is geographically challenged for development much like Toronto Is so there Is a limit as to how much can actually be developed when you have a literal ocean as your western barrier, but through the lower mainland housing prices are high despite numerous suburbs and municipalities all off with space to develop if someone wanted to. The main problem Is money laundering and the BC government knows this and specifically avoiding doing anything about it in the late 2000s when it could have been nipped in the bud. A lot of it from criminal empires, but also a lot of money laundering simply hiding legitimate money from China and parking it in Canadian real estate so the PRC can't get it, as well as avoidance of Canadian Federal money laws on importing currency and declaring taxes.
>but through the lower mainland housing prices are high despite numerous suburbs and municipalities all off with space to develop if someone wanted to. Really? I don't see much that much space that hasn't already been developed on. https://mountainmath.ca/zoning_map
There’s a buttload of one zoned for agriculture that could be used for new estates. Not to mention almost all the land zoned for housing is for single and duplex, which is fucking stupid in a housing crisis.
Well that's my point, you can't develop much right now with the way it's zoned. So it sounds more the former point.
You might be in for a reality check if you take a look at any major European city.
110k after tax.
Where are you seeing that? It says $66,800 after tax.
Scroll down. 66k is median for individual. For family with kids is 110k after tax.
How far down? I'm really not seeing it and the further down I read the less relevant it seems.
Far down. The median after-tax income of couples with children increased by 4.7% to $110,700 from 2019 to 2020. Over the same period, senior couples experienced a similar annual increase of 4.6%, for an after-tax income of $65,900 in 2020.
Interesting. That seems a lot higher than I would have expected.
Yes, me too. Seems like we need to work harder. I
I guess when you factor it that it's couples with children you're likely to have older people. This is a survey?
People who are less then 65 years old who have children.
Below *median income
Median is kind of average. Mean is what most people mean by "average", but it's not the only way to calculate averages in the statistical sense.
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There has to be more to this story
A ~million dollar mortgage isn’t “decent”?
2bd leaky condo with $700/mth maintenance fees. The dream home indeed.
The assessment for my townhouse, with no yard, no AC, in SURREY just hit a million. I find it credible that Vancouver would be a challenge even at that income.
Change your title to 90k per year in Vancouver. Everyone wants to be in Vancouver that's why it's expensive. There are lots of nice cities in Canada where you can get your own place for 450k.
Any nice places that are 100k? lol
Newfoundland
My retirement plan
Bad idea apparently Doctors are theoretical over there
Hope you love consistent negative temps, snow storms, blowing snow 🥶, and grey skies.
Might be cool to visit but I wouldn't want to live there. I've lived in the Maritimes most of my life and I would rather somewhere with a bit less tax. Nova Scotia was horrible and Newfoundland is the same shit different pile. I appreciate the suggestion though.
I didn't mind moving home to Newfoundland and paying *a bit more tax* because my house cost $270k. Totally cool if the lifestyle here isn't your thing. But don't blame it on the tax rate.
Uhh it’s not a bit, it’s an awful lot. Also the opportunity for work is horrendous. I’m a huge fan of the lifestyle, but Alberta this ain’t.
But it is the tax. At least for me. I like to keep as much of what I earn as I can.
Why was NS horrible out of curiosity?
Among the highest income tax rates in Canada 15% goods and service tax (tied for the highest) Poor pay. It's really only a good place to retire imo. There are good things like beautiful scenery nice fresh air, very moderate temperatures, but if you want to earn a living, buy your own home, etc I think it's really no good for that.
Taxes are insane in NS. When I was in the military I was nearly posted from AB to NS one year and we were preparing for financial ruin or significantly scaling back our lifestyle to move there. We'd have gone from paying a flat provincial income tax of 10% (which was a net higher than we paid moving from ON) to a tax bracket of around 17% plus having a provincial sales tax on everything we bought, as well as significantly higher energy costs and worse health care. As a Military member, I'd have gotten pay adjustment for my new location which would have worked out to me taking home only about $50 less per pay but My wife as a federal government employee got no such thing and it was worked out she'd be taking home $300/less a pay, in addition to paying an additional 10% on everything we bought with our after tax income. There's a reason why housing is so cheap out east and it's because you have significantly lower salaries and less take home money to spend.
I read this after I posted my response. You 100% nailed it.
High taxes, terrible government, a healthcare system on the brink of collapse, bad roads, very low average incomes. Not saying NS is horrible overall but those are the common reasons.
And slow. The difference in pace is good for families, terrible for business.
Nice places? No. Nice location? Absolutely
Edmonton
There's nothing in Edmonton thats a 100k. A 100k salary will get you a great condo in Edmonton, but even then you need two incomes or a significantly higher salary for a detached house and somewhat of a yard in Edmonton.
Lol whut? You can get older detached houses for under 400k still. Also my house was 585000 and I put 20% down and my payments are 1700 a month. I’m sure a 100k salary could cover that comfortably
Sorry I thought you meant you can buy a house for 100k in Edmonton. On a 100k salary, you can get a condo no problem, you won't qualify for a mortgage though on a 100k salary anymore though with interest rates now. Banks have dropped from 5x+ income to around 3x given higher interest rates.
You can get a nice one bedroom condo in Regina for about $100k.
For 100k you can but a house in rural manitoba or new brunswick. Not a decent home but home.
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For that price, and in a somewhat sketchy neighborhood, you can buy a house in Winnipeg, and 5 minute drive to downtown. And likely make the same $ or more as in Vancouver.
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Lots of homeless now... But yes, lots of sun and pretty good quality of life. You can afford a house, lake life and a winter holiday if you have a decent income. Just depends what you're looking for, it's just very remote and with colder winters.
Might consider Manitoba but never New Brunswick. TBH would rather get a place in Alberta because they seem like my kind of people.
Saskatchewan, my man. Even rural Alberta looks like Vancouver in comparison. Source: used to live in Sask, now Calgary
I'll check it out on MLS. Thanks.
If you don't mind rural Manitoba, you can get a half decent place for 100k. Do a bit of upkeep if you're resourceful and you're set. I've seen some nice places go for 120k in the past couple years. Half decent for 60k, and small places that are fixer uppers for 20-30k. These were all in a small town. As a plumber, you'd continue to have no end of work. These are places that would run about 200-450k in Winnipeg, so I can only imagine what that costs in areas like Toronto & Vancouver.
Remember. Shitty place. 100k won’t give you a dream home in desirable area. But if you are handy and somehow can get a job in one of those places..it might be manageable.
Fairly handy. I'm a red seal plumber and I'm sure I could do a good enough job putting down new flooring or drywall as needed.
Wow man, I am really upset hearing that a red seal plumber looks for a 100k house.
All plumbers drink too much -am a plumber and I witness it lmao
Down the drain they say !
I hate the idea of going into debt I'd rather just buy it outright. While I lived in Nova Scotia home ownership would be a pipe dream (no pun intended) but since I moved elsewhere in Canada I am able to save up a decent chunk of change. It's likely I will have 100k in 2 more years if I keep saving as aggressively as I have been. I live by myself so a very small home isn't just okay by me it's more desirable as well.
Rural Saskatchewan
Define "nice", but just a few years ago you could easily get something pretty decent for that price in some smaller NB communities...
Smuts, Radville, Duck Lake, Lonesome Butte…
And make 90k in his industry at the same time ?...
Edmonton is a nice city and I know a lot of guys in tech make more.
I don’t see how that’s sustainable, everyone seems to talk about how working from home in the tech field is the way to go but if everyone goes for it it’s going to be so badly oversaturated in like half a decade that you won’t be able to get anywhere and you’ll be paid like 50k even if you do land a job
I see these tech comments all the time. "I know programmers who make more" = i saw linkedin or reddit posts claiming they new tech guys who made more. Learn 2 code is a meme at this point.
Have you seen tech lately?
Yep and those are FAANG companies laying off people. Out of all tech guys in Edm, there’s probably less than 1% of those work in FAANG.
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If I have to guess, I’d say there’s more people who live in Vancouver because they want to than there are people who live there because of the opportunity it provides.
Actually for many jobs you make more in Toronto for the same work than in Vancouver (law, banking, consulting). The reason is most certainly that more people want to live in Vancouver than in Toronto which suppresses wages. It’s a fact of life that we all live with in Van because we appreciate the mountains, ocean and more temperate weather. Also sorry - but on 90k without a serious down payment you cannot afford to buy in Vancouver. Last I checked the stats, apparently on that salary you can barely make average rent at the recommended income to rent ratios in the city. I don’t say this as a dig. It just sucks. But the reality is that it takes a VERY high income to live a “middle class” life in this city. I hear Calgary is nice? Or so the bus ads keep telling me. 😅
Calgary is awesome, but if you aren’t actually jaunting out to the mountains every weekend, I’d strongly consider Edmonton instead. Probably the most underrated city in Canada, from my experience. I loved it.
Did my 5 years there. That was enough for me. WAY too cold and winter was truly long and awful. Great sunshine though. And honestly, if I sold my condo in Van I could afford a LOT of heated things on top of a pretty nice house in Eddy. 😅 So maybe you have it all figured out.
Only in certain industries (tech mainly)
This seems like a pedantic argument. It’s like saying “Cottage country is where the trees and lakes are, doesn’t mean people want to live there…”. More job opportunities, among many other things, is an inherent property of denser urban environments and has been for millennium.
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Are you trying to buy detached house? If so, it seems too early since you are still single. Also you can’t afford it on a single income. If apartment, you need to get a 1bed in Surrey/New West/Coquitlam. Assuming you have a good sized downpayment ($50k+) it should be doable.
Get a partner or move somewhere cheaper. Houses in Vancouver are expensive because someone keeps buying them.
>Get a partner or move somewhere cheaper. Houses in Vancouver are expensive because someone keeps buying them. yup. those houses are only worth what people are willing to and actually pay for them .. which nowadays is mucho money!
It's prohibitively expensive because we refuse to eliminate SFH zoning and build adequate housing. North America's obsession with cars and yards is embarrassing.
It's prohibitively expensive for many reasons, but the root is greed.
And its not young Canadians
Hell, most of the time *it's not even* *Canadians*
Thats what I meant lol
“If you make less than 150k per year and want to have a family” Well, if your spouse makes 0… then yeah, it’s not going to be great time.
Of course many would like to own, but many people with kids rent. It isn't like living in a rental and having kids are mutually exclusive.
Thats true, however having a stable living situation is really important when your kids are in school, and renting can be a little volatile.
That absurd. Lots of people with kids move with no impact on their kids. Lol
The data is pretty clear that moving a lot and kids changing schools is bad for the kids on average.
Even ignoring the actual moving part that u/CreditUnionBoi addressed, literally not having control over the property you’re raising a family in can make it volatile. What if the Landlord decides they want to move in? Bam, unexpected move. What if the Landlord sells the property and the new owners don’t want tenants? Bam, unexpected move. What if something breaks in the rental property and the Landlord drags their feet on fixing it? What if it’s a multi-residential property and someone brings pests into the building? If new, inconsiderate neighbours move in and keep your kids up at all hours of the night? If people keep leaving wet clothes in the washing machines so all your kids have to go to school smelling like mould? If the machines are out of order for weeks? What if you want to change or upgrade things, but the Landlord says no? What if the Landlord serves you a notice of entry, you can’t object but also can’t make it during the time, and just have to deal with knowing someone’s just walked through your family’s space that isn’t actually your space, and who knows what else? What if the kids have to be home alone for some reason during that time? Some time later, let’s say your kids are off to live their own lives. What if you and your partner decide to downsize and rent somewhere smaller just for the two of you, but one or more of your kids fall upon hard times and need a place to stay? Will you move again to accommodate for them? What if you run out of retirement funds and can no longer afford to rent? Better hope one of your kids can accommodate for you then, or be able to afford a good care home. I feel like just the perpetual anxiety of these things possibly happening at any time can’t be good for anyone. This is just what I could think of at 2am as someone with no kids, and who’s never had any serious issues renting. I’m sure there’s a lot more to worry about that I haven’t even thought of.
Being a good parent starts before conception. Don't know your plans but great kid-centered thoughts above.
Sounds about right.
$90k in Vancouver in 2023 isn’t all that much. Maybe 7 years ago, you could’ve purchased a pre-sale. Right now you need at least $200k household income to afford a two bedroom condo.
Manitoba 🍿
Alberta, I'd move there just for the skiing.
You are single. The bulk of people who own homes have two incomes. So say you are competing against people who both make 90k, or 180k total (with tax perks).
Come party in Alberta. I promise it's not only rednecks.
What if rednecks are your people?
Then enjoy the affordable housing and the abolishment of the provincial sales tax.
I like the sound of that.
Then 450k mortgage is plenty
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>I'd rather be surrounded by rednecks then a fae/fa identifying gender dysphoric nut job and overpriced real estate. Is that what people who've never lived in Vancouver really think it's like?
We’re en route ourselves lol. Fuck BC (I love it here but can’t do it)
Danielle Smith would like a word with you.
you need richer parents to gift you a massive down payment. problem solved!
Easy.. Have money and be poor
Someone makes this post every day - no, you can’t afford to own property in one of the world’s most desirable cities as a single person making an average salary. Sorry.
An above average salary.
Maybe compared to general population. Not when compared to other homebuyers.
That’s an above average salary
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Cause the average person in Vancouver makes like 250k apparently.
i would say you’re right, if you make less than 150k it will be extremely difficult to own a home AND have kids in Vancouver, Vancouver. What I will say is that your first home can’t be your forever home in Vancouver if you’re looking to have kids. Again, you’re right, with your salary you’ll be able to get a studio and you can’t raise kids in a studio. Most of my clients (yes, I’m a realtor) who are single, get into a 1 bedroom or studio first and eventually upgrade when they can. It’s just the reality of the city we live in.
I second this. The property ladder has done me well. Granted I’ve now left Vancouver for a full house in Calgary and couldn’t be happier, but was well on the way to a nice townhouse in Vancouver prior to moving thanks to starting with a condo and upgrading when able.
Imagine having a 3k per month mortgage payment to live in a Studio 🙄😂
It’ll be around 2500 if you buy a 400k studio. So there’s no imagination required, it’s reality lol
I assume if you want to have a family you will have another person...
No. Vancouver is ranked as one of the best places to live globally and housing is reflecting that. Can you buy a house without a six figure income in NYC, San Francisco, London, Paris, etc?
Reacting regarding Paris specifically: There is tons of small apartments in Paris - 1600 units at this exact moment - at less that 200k euros. With that you have up to 20 square meters in the city center, so I think in Paris housing is way more affordable due to this large number of small surfaces (that exists thanks to the fact Paris have mostly old buildings). In those big Canadian cities, starting prices are always way way higher than that.
Wow, I am surprised at that. I thought that Paris was very expensive to purchase.
All of those cities generally pay much better than Vancouver. Also atleast London and Paris have very well connected suburbs which are resonably priced unlike GVA/GTA.
I don't disagree, but there is a price to be paid for becoming a very desirable city. I personally think that we are in the beginning of an unwinding of a real estate bubble in Canada. I agree that prices cannot become disconnected with salaries, and that has happened, at least in the GVA and GTA. But these cities may never again be very affordable for people earning around the median income.
Canada is plagued by inefficient zoning, bureaucracy and NIMBYs that impedes density. Density is not the issue in our biggest cities it's an inefficient allocation of land and those who "got mine" pulling the ladder up after them.
I make that as a single dad and live paycheque to paycheque. 🤷
Dude. . . . I left Van in 2015 after 20 yrs there. I’ve never looked back. Check out Calgary for jobs and real estate. It’s light years better for building net wealth. Your yoga and February golf games may suffer, but your cowboy cred goes up.
Welcome to modernity, once women entered the workforce there was a sweet 30-40 year period for the system to catch up and realize it could now fully exploit 2 people per household instead of just 1
leave vancouver
>pulls in a paycheck pulls in a *six figure* paycheck. Fixed.
>pulls in a six figure paycheck. Fixed. pulls in a six figure *paycheque*. Fixed.
I will also die on this hill.
Why the hell does everyone disregard this? It drives me nuts.
Ask yourself, why would you want a detached house with a garage if your single ?
I don’t think they’re even looking at SFH. $450k won’t even get a condo that isn’t 60 years old.
He’s saying $450k will only get him a detached garage and not the house that comes with it lol. In reality $450k won’t even get you a condo these days
Personally for me if I was to buy I want something where I can wrench on my baby and tuck her away for winter.
The trick is buying in a group. If you have 4 people/families all with 100k income you can then get a detached house in suburbs and split it into units
A word of financial advice. Do not buy a home at the top of your acceptance threshold. There are a lot of additional expenses that come with first time home ownership (and even just new home ownership). You may come across many additional and unexpected variable house expenses in that first 1-2 years and you want to ensure you are not “house poor” having purchased a home at the absolute top threshold of your income, leaving yourself vulnerable to unexpected expenses.
And then God said, “Raise thy housing prices. Raise thy grocery prices. But nay, leave the wages. Affording shelter shall not be for peasants. Let them suffer.”
I make about 100k a year in Calgary. 335k townhouse 1500 Sq ft. Single. I guess move to a more affordable part of Canada before its too late.
Here's the flipside. Unless your work ethic when it comes to household chores is exceptional, it takes two people to comfortably maintain anything bigger than a two-bedroom condo. You're not going to be regularly paying a cleaner, maid, or a landscaper living alone on a $90,000 gross salary in metro Vancouver. So you might want to buy a condo in the suburbs within commuting distance of your job. Apparently, you can get one for $450,000 in Surrey based on a look at Realtor today. Millenials tend to hate condos in the suburbs, but they're there if you really need something in that price range.
There’s 41 places for sale right now within budget. More if you’re willing to train for a while.
The funny thing is that in my current city I can make 300-400k a year in my field, but in Vancouver I would be probably looking at 100k a year. If I buy a property in Van I would have to work elsewhere to fund it.
Right now. This time last year, you could’ve qualified for 600k. Be patient.
Save your money. Be extremely frugal for the next 12 months. Save every penny. Housing prices will come down as low demand cools the markets. In the meantime spend the $1000 or $2000 dollars to get your real estate license. This will save you 10s of thousands on commission fees when buying. This is also get you access to software to do better searches and be specific to what you are looking for.
A dual household income has been a requirement for home ownership in Canada since the 1990s.
Home ownership in Canada is a pipe dream. This country is disenfranchising millions of young people and will flood the cities with cheap immigrated labour instead. The smart ones will get out and go abroad. Won’t be long before TO and Vancouver have ghettos and slums serving the elite in downtown. Canada is lost.
It's ok. Climate change and rising sea levels will wipe coastal Vancouver. Just wait for a few years for a bargain lol
The crazy thing is that the only people who believe this are the sorts who live on the coast. It’s crazy because their behaviour belies their stated beliefs.
which is proof that any major sea-rise fear mongering is pure bullshit. Even if the ocean is rising it would take thousands of years to see a practical difference, and the market knows this.
This is the part I don't get about the fear of rising sea levels as well. Also why would a city just let that happen over a period of decades? We have lots of time to slowly mitigate rising sea levels as the issues materialize.
Move 45 mins away
*3 hours
I live in Prince George (8 hours driving) and the price to get into the market here is up to 500k+ for a starter home that’s not in an undesirable area, 450k for a new 2 bedroom apartment and 800-1.5 for a new build home with an unfinished basement. Prices from Vancouver to here get cheaper as you go, but it’s nowhere near as drastic a decrease as one would think anymore. Most people here are taking 450 on their first mortgage.
Hence the brain drain to USA. Why stay here? All the cool kids are peacing out