Your A Young Vancouver Home Hunter? You Can Buy A Home Too!
(November 10, 2014
)
Not a day goes by that our real estate team at 
THE BC HOME HUNTER GROUP don't hear the words, "Vancouver is too expensive" echoing in the coffee shops of Metro Vancouver. We always patiently explain the simple path to home ownership and are always delighted when a young person heeds our advice.
THE BC HOME HUNTER GROUP don't hear the words, "Vancouver is too expensive" echoing in the coffee shops of Metro Vancouver. We always patiently explain the simple path to home ownership and are always delighted when a young person heeds our advice.A recent analysis of home-ownership rates in Canada done by Vancouver-based Urban Futures shows that the proportion of young homeowners increased from 2006 to 2011, a period when prices appeared to be climbing out of reach in many urban centres, including Toronto, Calgary and Ottawa.
“The headlines that portray the current younger generation as being more challenged than previous younger generations to enter the owned side of the housing market are balanced by the data that show continued increase in home ownership rates among young age groups,” the report said.
Home-ownership rates among younger people in B.C.’s Lower Mainland went up more than the national average. Vancouver homeowners in the 20- to 24-year-old age bracket increased four percentage points, to 25 per cent, in those five years – putting young Vancouverites near the top of the list among Canadian cities in proportion of homeowners under 25. The rate went up to 37 per cent from 35 among those 25-29. It stayed around 50 per cent for the 30- to 34-year-old's.
As a result, about a third of people under 30 in the Lower Mainland own homes. That’s about 10 percentage points lower than in Calgary, but the same as the proportion in Toronto, says Andrew Ramlo, a director at Urban Futures.
UBC’s Sauder School of Business professor Tsur Somerville says part of the reason for Vancouver’s high rate of young homeowners is that the proliferation of condos and townhouses here gives them a lower-priced product to choose from compared with other cities that are dominated by houses. And they likely feel more pressured to buy early, because, like everyone else in the city, they worry they’ll be priced out if they don’t buy now.
“The headlines that portray the current younger generation as being more challenged than previous younger generations to enter the owned side of the housing market are balanced by the data that show continued increase in home ownership rates among young age groups,” the report said.
Home-ownership rates among younger people in B.C.’s Lower Mainland went up more than the national average. Vancouver homeowners in the 20- to 24-year-old age bracket increased four percentage points, to 25 per cent, in those five years – putting young Vancouverites near the top of the list among Canadian cities in proportion of homeowners under 25. The rate went up to 37 per cent from 35 among those 25-29. It stayed around 50 per cent for the 30- to 34-year-old's.
As a result, about a third of people under 30 in the Lower Mainland own homes. That’s about 10 percentage points lower than in Calgary, but the same as the proportion in Toronto, says Andrew Ramlo, a director at Urban Futures.
UBC’s Sauder School of Business professor Tsur Somerville says part of the reason for Vancouver’s high rate of young homeowners is that the proliferation of condos and townhouses here gives them a lower-priced product to choose from compared with other cities that are dominated by houses. And they likely feel more pressured to buy early, because, like everyone else in the city, they worry they’ll be priced out if they don’t buy now.
If you or anyone you know are considering buying or selling any home, property or just have some questions or concerns, don't hesitate to call our friendly real estate team members at THE BC HOME HUNTER GROUP any time, 604-767-6736.
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