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I don't make $150,000 a year


whytelight
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Hello from Manitoba:

 

How do you afford to live in the Lower Mainland?  I'm a full time teacher here and 1/4 of my net income goes to put a roof over my head (mortgage, fees, interest, heat/water, insurance).

 

How do people working normal jobs like teachers, nurses, clerks, mechanics, tellers, etc afford to live?  I've read that rents are $2000+ a month and shack in Whalley is $750,000...my math says that a mortgage on that would be $3000 a month.  If a roof over your head takes up 65% of your net income, how do you eat, drive, save for the future, and live?

 

Does everyone in the Lower Mainland make a minimum of $150,000 a year?  What am I missing?

 

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12 minutes ago, whytelight said:

Hello from Manitoba:

 

How do you afford to live in the Lower Mainland?  I'm a full time teacher here and 1/4 of my net income goes to put a roof over my head (mortgage, fees, interest, heat/water, insurance).

 

How do people working normal jobs like teachers, nurses, clerks, mechanics, tellers, etc afford to live?  I've read that rents are $2000+ a month and shack in Whalley is $750,000...my math says that a mortgage on that would be $3000 a month.  If a roof over your head takes up 65% of your net income, how do you eat, drive, save for the future, and live?

 

Does everyone in the Lower Mainland make a minimum of $150,000 a year?  What am I missing?

 

I can't speak for everyone, but a lot of people who work in Vancouver live further out east where it's far cheaper. I live in Langley and currently work in Vancouver. The commute is brutal, but it's worth reasonable rent.

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9 minutes ago, -AJ- said:

I can't speak for everyone, but a lot of people who work in Vancouver live further out east where it's far cheaper. I live in Langley and currently work in Vancouver. The commute is brutal, but it's worth reasonable rent.

So, someone could live in Langley or other burbs and the rents/mortgages are more reasonable?   Anything for $150,000?

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1 minute ago, whytelight said:

So, someone could live in Langley or other burbs and the rents/mortgages are more reasonable?   Anything for $150,000?

My rent for 800 square feet basement suite is $1100 including everything (utilities, internet, etc.). I make less than a third of $150k a year, but I'm also extremely frugal, so I don't have high monetary requirements. I find that I'm plenty comfortable, but I'm also a single man, which makes a big difference. Supporting a family is a very different story.

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Was working class poverty back in the 90's..& said, F*** this!(went to Asia)

 

Vividly remember discussing this stuff with a family member, back in the early 90's. He lamented how good it was back in the 70's.."Had my own apt in White Rock, decent car, & a motorbike. Just working on a farm, could afford to take chicks out for nice meals, etc..."

 

I knew things were trending the wrong way(at the time) so I opted out. To harken back to "the good ol'days", is no tired cliche in this case. It's simply a hard fact.

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TONS of people are leaving the city and have been for a few years. I've been calling it for some time, but I can see downtown Vancouver being a ghost town in the future with a bunch of empty "investment" properties if this continues. 

 

But if you want to live in this city (and this is just my humble opinion and mentality)...there is a simple solution. Make more money. Whether it is working harder/smarter, side hustles, starting own businesses. It's not for everyone, but its an option. 

Edited by RRypien37
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1 minute ago, RRypien37 said:

TONS of people are leaving the city and have been for a few years. I've been calling it for some time, but I can see downtown Vancouver being a ghost town in the future with a bunch of empty "investment" properties if this continues. 

Lots of old diehards wanna go scorched earth, so it gets a rebuild?

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Single income guy(have a squeeze but our incomes are separate). Make around 150k a year in trades and found lower mainland was too much for me. 2 years ago bought a nice townhouse in chilliwack for less than a surrey condo and never looked back. Basically living in the mountains but still close(ish) to the city has been a blast. Just bought a quad and stoked for a good summer. So much good stuff so close by::D

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For starters, people don't just plunge into the market and purchase detached houses in Vancouver. 

 

Regular folks could have gotten into the Vancouver market 20 years ago or more.  That's what I did.  I bought a 1060 square foot 2 br condo in Fairview in 1997 for $200,000.  Today, the same condo is assessed at $1,014,000.  I checked on BC Assessment recently.

 

People have to get into the market somehow (it that's what they want to do), maybe starting with an older condo in the burbs, building equity, and moving up several times before they get into the sort of property that they would like to live in permanently.  This could very well mean having a full 25 year mortgage at age 45 or older.  People may expect to never be mortgage free in the lower mainland.

 

Others get gifts from parents or grand parents who are ready to down size. Inheriting real estate or shares of large estates may help others.

 

Demand is getting higher further out because people can actually afford to live here.  I'm single now and bought when prices were down in comparison to other areas in Abbotsford 5 years ago.  I'm in an older condo that has gone up 2.5 times since I bought.   So, as I did in Fairview 22 years ago, I'm in the market early enough.  Luck.

 

For people outside of BC, on weekends, it takes me an hour to drive into downtown Vancouver which is a divided highway most of the way.  The rush hour commute from downtown to Abby is 1:20-1:30 if traffic is ok.  I don't work downtown fwiw :rolleyes:  but do work in the lower mainland.

 

The price of real estate is a problem for Vancouver because I don't think that companies can afford to pay people enough to live in the city because if they do, they will lose a competitive edge to companies located elsewhere.  Businesses are going to have to relocate.  I see that many law and accounting firms for example have opened satellite offices in the burbs where their customers live.  Other businesses I see are leaving the city because rents have become too high and are locating further out while still being able to tap in to the Vancouver market.  In a sense, this is exactly what I did.  

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Meh Vancouver is a hell hole anyway.. too much traffic and crappy apartment buildings disguised as high rise buildings.. 

 

Then you have the dangerous night life with fights breaking out in every corner.. 

 

Travel to any world class city like Sydney or New York and Vancouver pales in comparison. 

 

So glad I live on the island. 

Edited by drummer4now
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The way I justify it is that you get what you pay for. Just like living in a beautiful loft is more expensive than a studio apartment, living in a city like Vancouver is going to be more expensive than most others. I don't like paying an arm and a leg for rent, but I also wouldn't want to live in Saskatoon or Winnipeg. I love the outdoors. Its still too expensive, but I can't imagine the current housing situation lasting forever.

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