Vancouverites Carla Gibbons and Tyler Moore are having a tough time looking for a place to raise their kids. Barbara Yaffe, columnist for The Vancouver Sun, spoke with them and found out that even with their relatively high income, the couple cannot afford to buy a single-family detached house in the city. Given the limited housing options, the couple has decided to purchase a condo unit instead:
The family now lives in a two-bedroom townhouse on Fraser Street, for sale at $599,000 because they’ve outgrown it. The baby sleeps in her parents’ bedroom.
A new building is being constructed next door but Gibbons and Moore were disappointed that all 29 of the condo units feature a single bedroom.
They found two ideal three-bedroom townhouse developments in their east-side neighbourhood, but units in one started at $750,000, the other at $800,000.
Gifford and Moore’s story is a reflection of why many people prefer to buy a Vancouver condo than a single-family house of their own. While condos typically have a wide price range, the lower bracket is usually affordable enough to cater to first-time buyers and young families. Trusted real estate professionals, such as those from RE/MAX Crest Realty Westside, can point buyers in the right direction and help them find an affordable condo that suits their needs.
This doesn’t change the fact that condo living could be an excellent choice for a young family. Aside from the lower unit price, condos give people access to amenities they’d normally pay to have in their house—think swimming pools, gyms, and recreation rooms. Many condo units are also designed to cater to a certain demographic, which means that prospective tenants can expect to spend time with like-minded individuals and foster positive relationships with them. Finally, living in a condo means couples like Gibbons and Moore no longer have to mow the lawn, shovel snow from the driveway, and other chores.
The key is to find Vancouver condos for sale that meet pretty much every requirement without breaking the bank. Vancouverites would do well to remember that new condos are usually expensive because of ‘developer hype’, and that the prices typically drop after a considerable amount of time has passed. Given that the Vancouver property market is expected to remain rather pricey in the near future, young families like Gibbons and Moore can’t afford to make hasty decisions.
(Source: Barbara Yaffe: Family can’t buy Vancouver home despite high income, The Vancouver Sun, September 28, 2014)