Despite having bought and sold three properties, I know very little about real estate. I don’t watch the market, peruse MLS.ca and I’m at a loss three minutes into any conversation in Vancouver (because they’re all about real estate). So, take my trend-spotting with an ocean-load of salt (funny anecdote about salt).
As you know, house prices in Vancouver are pretty insane–the average is nearing CAN $600,000. I don’t know anybody under the age of 40 who’s recently bought a free-standing house in Vancouver without:
- Being rich
- Lots and lots of help from their parents
- Selling their children
I know two couples who continue to rent in Vancouver, but they’ve bought holiday homes in Point Roberts and on one of the Gulf Islands, respectively. These properties are more affordable because of their location, and because the houses are generally smaller than average.
How common is this approach? Do lots of people start with a holiday home, and then acquire their primary residence?