Back in 1973 my then wife and I bought our first house. Prior to that we had rented for a number of years, but we finally thought we should be gaining some equity by owning.
And we got, now get this, but bear in mind it was 1973, a three-year-old bungalow, fully landscaped and on 80 feet of waterfront, for a paltry $30,000!. That’s right, 30 big ones bought us a place others (including me) could only dream of acquiring today.
Fortunately, all things considered, when we sold, following a divorce, it left me with sufficient equity to be able to contend in the more contemporary (and insane) real estate market. And that is why my current wife and I have a cozy Comox bungalow.
But that is neither here nor there. What I want to look at is that current market as pertains to first time home acquirers.
And in that regard, and especially as pertains to young first-time home buyers is, God I would hate to be going into that ridiculously and falsely inflated market so you have my sympathies. I could also say, if I were mean -spirited, is “neener-neener-neener, I got mine, so tough titty for you.!”
But seriously, I would hate to be entering the market today. My old town of Vancouver has literally priced itself out of the reach of anybody but an Asian potentate, and therefore that is who the market caters to. Just ain’t right. It ain’t truly. But don’t expect any sympathy from a greed-inspired government. Therefore, those of us who live in the relative ‘boonies’ like the Comox are indeed fortunate – for now. But prognostications indicate it won’t stay that way; especially as city-slickers quit the overpriced Vancouver and Victoria markets and decide this place isn’t so bad. So we will be able to soon greet highly inflated housing prices here, I predict.
To those young buyers my primary suggestion is, don’t be greedy, especially first-time out. Get yourselves a little place and gain some equity and then maybe look to moving up. You don’t need to start out with the Taj Mahal and all the mod-cons. Really you don’t.
Settle for the pedestrian and you might find that you like the pedestrian, especially when you are hit with that first tax bite.