Vancouver home ownership out of middle-class reach

[Deunan]

Wait seriously - is the article implying home ownership is out of reach because an apartment costs roughly above the cost of a one year wage?

Kinda odd considering the fact it's roughly six times the cost of a yearly family income here has not stopped people from buying their apartments.

[MIPS]

[QUOTE=FunkyDisko77;35137107]This is strictly about the housing market in Vancouver. Any Canadian (or at least British Columbian) knows owning property in Vancouver is ludicrously expensive; the prices are miles above the provincial averages. Just stay out of Vancouver if you want to buy your own home and it's much better.[/QUOTE]

Unfortunately that means you end up living in the middle of fuck-all nowhere where the nearest major town is at least two hours away.

[editline]14th March 2012[/editline]

[QUOTE=wraithcat;35138310]Wait seriously - is the article implying home ownership is out of reach because an apartment costs roughly above the cost of a one year wage?

Kinda odd considering the fact it's roughly six times the cost of a yearly family income here has not stopped people from buying their apartments.[/QUOTE]

I have an apartment which is half a house (1100 square feet) and costs $1700 a month excluding bills.
Working minimum wage, it takes three people to get everything paid.
The house is about 40 years old according to when the furnace was installed. Even for its age the market value would be around $452000

[Charlievrw]

[QUOTE=MIPS;35141085]Unfortunately that means you end up living in the middle of fuck-all nowhere where the nearest major town is at least two hours away.
[/QUOTE]

I live in Squamish right now and its not too bad, and it's only ~45 minutes away from North Van.

[lum1naire]

[QUOTE=HumanAbyss;35131522]Must have been slow years because I know a bunch of people from my high school class scratching by with their 60's and 70's who were promptly turned down from UVIC, UBC, University of Calgary. They had to go to SFU and other local "lesser" schools

it's anecdotal for anecdotal.[/QUOTE]

SFU is hardly lesser to UVIC. And 60's-70's are fine if you're going into arts or something. But with a solid 80+ average you can get into any university program for sciences or whatever in Canada, except for the top end ones like UBC and McGill. And let's face it, getting a 80 percent average isn't very difficult, so if you don't its nobodys fault but yours.