Friday, February 24, 2012

For several years now the world has been dealing with a financial crisis and many families have seen the value of their homes plummet. This has been true for most of North America except where I live. While the economy in Vancouver has slowed down like most places, the value of real estate hasn't followed and the cost of owning a home here is crazy. The average detached home now costs $750,000. That's the average. On my street alone every house will cost you between $800,000 and $1.7 million to buy. (!) This vintage home down the way, which is considered a tear-down, can be yours for a mere $888,000.

In a previous post I told you about all the renovations we've done to our rental suite. Even though we can't own here we thought we should at least have our place feel livable. Well this apartment complex is nearly forty years old and it looks as though its days are numbered. The land is too valuable. We've kept our eyes open for other places but it looks as though the rents have been going up as fast as the real estate. I guess you can't ask for less than a couple thousand dollars rent for your "mortgage helper" if your house cost you over a million dollars. Sigh.

As we shake our heads and ponder how far east we have to move take a look at this site "Crack Shack or Mansion" in amazement. Take note that to live in the most expensive city in North America you'd be wise to sell crack. Just sayin'.

How much does a family home cost where you live?

1 comment:

  1. We live outside of Boulder, run about the same as Vancouver. Something we've been talking about is moving, partially motivated by the idea that we'd like to own a home, instead of renting. It's a shame that housing, a basic human need, is priced so high that people have to mortgage their entire lives to pay the mortgage.