Home Sweat Home: Can home ownership be achieved?
Although the Lower Mainland’s real estate market is cooling, home prices remain sky-high. Combine this with the Canadian government’s ever-tightening mortgage rules and the constant threat of interest rate hikes, and even established professionals are finding themselves priced out of the market. With stagnating household incomes and some of the highest living expenses in Canada, it seems impossible to break into the housing market. And for those who do, the large mortgages that are so commonplace here eat up family budgets and impact quality of life. Perhaps the old mantra of “work hard and save” before buying has become unrealistic in the context of today’s Lower Mainland. Are new ownership models such as co-ownership the key to getting a foothold in the market? How can we overcome the region’s affordability issue?