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I don't make $150,000 a year


whytelight

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1 hour 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'd ask you first, why do you want to be here? thats the key thing. If you're looking for cheap and plentiful (and amazing) activities like hiking, snow shoeing, nordic skiing, fishing, any number nearly free things then maybe this is the place. Because you'll have to trim your budget down far more than you currently do to make it happen and its the cheapie stuff you can do here that makes it work. 

 

But if you can do that its certainly possible. Particularly if you're not bound to the idea that you "have to" be in a traditional detached house with a yard. Apartment life can be great. I've had both, and would never go back to a house, they are a massive headache imo and regardless thats out of your price range anyway.

 

 

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2 minutes ago, 'NucK™ said:

Split rent with someone..

Or just live somewhere else.. 

 

IMO if you don't have a decent high paying job you shouldn't live in Vancouver or the surrounding areas unless you were either born there or have lived there for decades.. 

 

There are plenty of alternatives to Vancouver and I understand it has become a bit of a status symbol to live in the big cities, but I don't think so. 

 

 

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My husband and I just moved back to the lower mainland from Calgary. We are both working professionals with great jobs and thankfully have a pretty great combined salary... that being said I don't know if we will ever be able to afford the dream of a detached house with a big yard. We live east of Vancouver, where rent is much cheaper - 2 bed/bath for $1400, but that is much more than we were paying in Calgary, plus it's more expensive living here with higher gas prices, PST, etc.

 

Not a flames fan and the winters can be harsh, but in my opinion, Calgary is great city for young couples/families, which explains why it has the youngest population out of all the major cities in Canada.  It has some great restaurants now, a younger overall vibe, and a fair bit to do. Not only are wages typically higher in Calgary, but you can get a gorgeous, detached house for 450-500K - you can't even get a nice condo/townhouse at that price here!!!


It's so ridiculous and it can be disheartening sometimes to think that two highly educated professionals with good jobs cannot afford to have their own house.. maybe one day, but I refuse to be house poor as well.. so maybe it's time to rethink the dream of a detached house? Not sure, haven't exactly figured that part out yet. Maybe with interest rates rising things will change. Maybe it's all just wishful thinking.

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People expect to live in a detached house in Vancouver with 3+ bedrooms, if you want to live in a major city, get used to condo living, you can still find reasonably priced condos in the city. You just cant expect property in one of the nicest cities in the world unless you are prepared to pay for it; just like every major city.

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1 hour ago, Gnarcore said:

I live in a similarly priced area....   I bought elsewhere and use the rental income to supplement me here. My 900st ft mtn view loft is quite the deal for Whistler though ;)

what part of Whistler you live at? Rainbow, Blueberry, Alpine, Alta Vista?

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17 minutes ago, drummer4now said:

Or just live somewhere else.. 

 

IMO if you don't have a decent high paying job you shouldn't live in Vancouver or the surrounding areas unless you were either born there or have lived there for decades.. 

 

There are plenty of alternatives to Vancouver and I understand it has become a bit of a status symbol to live in the big cities, but I don't think so. 

 

 

Well yeah obviously that is an option... 

I'm saying if you are going to live in Van, then just split rent.. it's pretty simple. 

People who are allocating $2,000 of their own monthly salary to rent as the poster mentioned probably are making $150k...

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35 minutes ago, 6string said:

Remember the mantra leading up to the 2010 Winter Olympics, "World Class City".

 

 Yup, so to become a world class city. We had to boot many of the hard working locals out of their own beloved city.

so Christy rich buddies could come from Asia   

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Inheritance unfortunately.  My mom put a down payment on the place where I currently reside and I took over the payments when she passed away shortly thereafter.  There was no way I could get a loan at the time and she probably knew that.

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39 minutes ago, mpt said:

People expect to live in a detached house in Vancouver with 3+ bedrooms, if you want to live in a major city, get used to condo living, you can still find reasonably priced condos in the city. You just cant expect property in one of the nicest cities in the world unless you are prepared to pay for it; just like every major city.

I think that’s the thing. Unless you are very well paid (quite a bit more than 150k per year) or have a stacked bank account, then you really are not going to find a detached house / townhome or large condo in what would be considered the better areas ($$ wise speaking - other factors depend on personal opinion/preference) of the lower mainland in general. Just as you would not in cities like London or LA or NY, HK etc.. Most of the owners are wealthy foreigners or long time residents and their successors.

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5 minutes ago, 112 said:

become homeless, feign and malinger illness, get on permanent disability, apply to modular housing, wait 10 years and you're golden

We call those people dippers, always dipping int the system from EI to welfare and a new found disability while raging against the machine .

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2 minutes ago, Squamfan said:

oh, but whistler expensive i saw an ad in the pique that a shed was for $2500 per month and a bed on a form was like $1000 per month

I pay 1040 for a 900sq ft loft....but there are plenty of people paying a grand each to split a room...   I am in Canadian citizen & employee restricted housing ;) 

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2 hours ago, wiseupsucker said:

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

My best friend thinks the best idea is to move out to Chilliwack. Nice and quiet, but big enough for all your basic needs and close enough to Abbotsford if you need a larger city.

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