With residents in Vancouver spending so much on housing, how’s a family supposed to make ends met? It should come as no surprise that many families are struggling to find affordable housing in Vancouver. Although it’s tough, that doesn’t mean you should throw your hands up in the air and give up – let’s take a look at some affordable housing options that still exist in Vancouver.
Condos are a great entry-point for first-time homebuyers in Vancouver’s pricey real estate. If you’re single, a condo is a fantastic way to start building equity in your property, until you’re ready to get married and purchase a house with your partner.
Although condos can get expensive in the downtown core, you can find affordable condos in the suburbs. An experienced real estate agent should be able to show you neighbourhoods in your price range.
Although all condos should be fixed by now, beware of Vancouver’s leaky condos. You’ll want to avoid those potential money pits like the plague, as the repairs can run in the tens of thousands.
Contrary to popular belief, not every house costs north of a $1 million in Vancouver. If you’re willing to live outside the city of Vancouver, you can still find some very affordable options.
Suburbs like Surrey and Langley offer plenty of pockets with affordable housing. You shouldn’t have any problem commuting downtown, as the public transit is excellent in Vancouver. You can easily hop on the SkyTrain and be downtown in 35 minutes from Surrey. Each neighbourhood has good and bad pockets – an experienced real estate agent can help guide you to the best places to look.
A recent development in affordable housing is laneway houses. What’s a laneway house? In Vancouver, families with expensive houses looking to downsize are downsizing straight to their backyard. A laneway house is, as the name suggests, a house built in your laneway or backyard. Baby boomers looking to downsize can build a laneway house and rent out their family house. It’s a great way to bring in some extra income and still keep the family house in the family. You can even lend your children a helping hand by renting to them until they can afford a place of their own.