On renting or buying in Vancouver
Vancouver is expensive.
Okay, yes, stating the obvious. I’ve known this for years, yet I never really understood it until I started looking for a place to live close to downtown Vancouver. I’ve always lived in the suburbs – whether it was Burnaby, New Westminster, or Port Coquitlam. Rent and housing is cheaper out here – not by much – but definitely manageable.
Now that I’m about three weeks into my search for a new place to live, I finally understand what people are talking about when they describe how horrible the rental and real estate market is in Vancouver. For $1,300 to $1,400 in rent, I could get a small outdated apartment – that is if I can snap it up fast enough off of Craigslist. It seems like as soon as they are posted, they’re taken down. So after a while, I started increasing the amount I was willing to pay in rent. Because, the lifestyle is worth not having the commute, right? For $1,500 to $1,600 I’ll get a more modern (but definitely smaller) apartment.
And it was at that moment – when I briefly considered spending $1,500+ on rent – that I decided to look at potentially buying a home in Vancouver. With a budget of around what my current home is worth, I got to work with my Realtor to look at my options. I realized right away I wouldn’t get everything on my checklist. Every place I looked at had something wrong with it – no in-suite laundry, too far away from my preferred neighbourhood, sky high condo fees, or needed a ton of work I just wasn’t willing to take on. There are some things I’m willing to overlook (like no parking – I can park on the street, and I’d be willing to do some renovations), but location and monthly condo fees are deal breakers for me.
So now I feel a bit stuck. I don’t want to live in the suburbs. I don’t want a roommate. I don’t want to pay $1,500/month in rent. And I don’t want to buy another condo if I can’t find what I’m looking for.
The good thing is that I have time. I’m in no rush to sell my place. The bad news is that the thought of trying to find a new place to live is making me a bit stressed out at the moment. :)
P.S. I am sorry for coming back to the blog and then disappearing again. Things got crazy for a while with work (summer holidays means a way bigger workload for me) as well as in my personal life, but it has all settled down now.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.