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Porter Ramsay Blog

Real estate: British Columbia largest city unaffordable for many

On Behalf of | Jan 16, 2019 | Real Estate Law |

Many young professionals are high-tailing it out of Vancouver. These 20- and 30-somethings are heading for places where real estate is more affordable — like Kelowna. The high cost of living in the most expensive British Columbia city is getting a little stressful and unaffordable for many, especially for the young. And because real estate is so expensive in Vancouver, renters are often turfed out of their homes through no fault of their own, but because the owners are selling for big bucks.

In fact, Vancouver is becoming so unaffordable that the city is losing skilled labour to other areas. Vancouver is a university town that entices many young people. But once they graduate and realize the kind of financial outlay that living in the city requires, many head to more affordable areas of the province, or to Ontario, Alberta or the Maritimes.

Even with a forecast home price drop in the city by about 10 per cent, home ownership is still basically unattainable for most. Most people who live in the Greater Vancouver area still share their spaces with roommates — even some married couples. Apparently, the British Columbia government said it will announce measures to bring prices back to reality with a 30-point housing initiative.

There are areas of British Columbia where owning real estate is still attainable. People who are leaving larger urban centres may find their dream homes in these places, in which case, a lawyer’s advice, especially in a volatile market, can be a wise investment. A lawyer will ensure that his or her client’s best interests are at the forefront of any contracts and that everything contained within an offer to purchase adheres with the laws that govern real estate.