The average price of a home in Vancouver is $1 million

My next big financial goal is to own property. But I live in Vancouver. And according to the Greater Vancouver Real Estate Board, the average price of a detached home right now is $921,000 and rising. The average price for a townhouse is more than $500,000, despite falling sales and more homes on the market.

So like I was saying yesterday, what’s a single person to do? You most definitely need two incomes to think about buying anywhere. I don’t have two incomes, and I don’t even really make that much to begin with. I mean, I work for a not-for-profit. Do I have to wait until I get married to become a property owner?

It doesn’t seem fair. I don’t even have high expectations for my first place. I know I’m priced out of the Vancouver area, so I have to look farther out … and I know I can’t afford anything more than an older condo, and that’s okay too … but it’s just so deflating to see all these beautiful new condos and walk-ups being built, and knowing I don’t stand a chance in hell of owning one of those.

I guess that’s the price you have to pay to live in such a beautiful city. And I know if I just move away from the West Coast, I’ll be able to afford to buy a place by myself. But I’m not willing to move. So, instead I’ll keep on saving and complaining.

I just keep hoping that … if I can put together a decent sized down payment, I’ll be able to afford something. Maybe a place like the one I’m currently renting – the couple that owns the property, they live upstairs, and the back of the house has 2 self-contained suites. Mine brings in $600/month, and the one beside me brings in at least $800/month. So that’s a possibility. But I’d need a massive down payment to even think about doing that.

“The bubble is going to burst.” That’s what everyone is saying. But is it really? I mean, housing keeps getting more and more expensive … but people keep on buying. There are people that can afford to pay these ridiculous housing prices … and the gap continues to widen between people like that, and people like me.

Saving up for a down payment seems so silly. But, I’m still going to do it. Because even if I’m priced out and can’t afford anything now, one day I’ll be able to. And maybe I do have to wait until I’m married to have that dual income coming in … but that’s okay too. I don’t mind waiting. This dream of being a property owner will become a reality for me.