Vancouver Area: Wesgroup says you #dontneed1million

It’s been the stuff of alarmist headlines for months: unless you’ve got a million bucks behind you, forget the idea of owning a home in Vancouver. But Beau Jarvis, senior vice president of development at Wesgroup, is among the many industry experts who say that argument is not only one sided, it’s simply not true.

“What’s lost in the current conversation is a real discussion about how we define a home,” he says. “I believe we’re doing a disservice to the next generation of young people and young families when we insist on single-family homes as the only goal in real estate ownership. Why can’t we raise families in smaller spaces – townhomes, condominiums, and duplexes? Check out the stats on supply, affordability and the household income required to buy a $384,000 condo, and it quickly becomes obvious homeownership in Vancouver is not the far-off dream it’s made out to be.”

David, a recent first-time homebuyer, couldn’t agree more. “I thought about buying for a long time because I was tired of paying someone else’s mortgage,” he says. “We’ve had it beaten into our heads that housing is unaffordable in Vancouver. But I got a two-bedroom condo in Chinatown for $390,000, and my equity in the place has already grown enough that my down payment has more than paid for itself.”

“Yes, Vancouver is expensive and yes, you may not be able to afford a single-family home in the same neighbourhood you grew up in,” Beau acknowledges. “But if you want to own a home, start small. Buy a condo. Or explore the myriad of options for multi-family housing under $1 million. I guarantee you #dontneed1million to get a home in Vancouver.”