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Vancouver's housing market can be pretty wild. If you're not sure about staying more than five years, renting might be the safer bet. Buying usually makes sense if you plan to stick around for a while. But honestly, it depends on your financial situation and personal preferences too.
Thanks! Still assessing my current situation.
I feel like it’s a myth that rent is high in Vancouver. Every other comparable major city has just as high if not higher rent (2-3k for 1 br).
House prices on the other hand are ridiculous
Thanks, M1. I agree; rent everywhere has gone up as well. I have noticed that those myths are from people that haven't done their homework or repeat what they heard from random people.
I personally believe Vancouver will have a change in zoning over the next decade. We like to pretend we have a world class city so property prices should be world class too, but you need only compare density. Vancouver is 13,000 people per sq mile, versus more than double that for New York
Thanks! That is a good example.
If your goal is to up and leave without ever coming back, then I would rent.
If you have the means to buy, depending on the type you’re buying and amount of mortgage, it can be rented for quite a bit. 2 bed/bath condos in OV rent for $4,500+. Basement suite rents for $2K (and in my opinion I would never pay $2K for some of them…).
I think so long as you have money invested somewhere that isn’t just sitting in your chequing/savings account, you’re fine.
Thanks! I agree. Cash on hand and cash flow are kings in this type of situation.
Buy a duplex or multifamily. Rent a portion and leave it on the other side.