So we’ve all heard about Vancouver’s affordability crisis, but if you really break down the numbers, it’s not so daunting. With CMHC offering mortgages with 5% down, home ownership in Vancouver is actually a realistic option for buyers willing to start small and build up their equity.
Here’s how: buy a condo in New West. Some of the lowest prices for all types of properties can be found in New West, a gem of a suburb with a riverfront boardwalk, a market on the water, antique stores and growing community of cool people and young families who have migrated here because of the vibe and the prices. The neighbourhood of Sapperton, in particular, has been hailed by residents and outsiders as the next Brooklyn for its identity as a bustling, hip, urban area for young people.
In New Westminster, the average, brand new, 1 bedroom condo goes for $275,000 and can include views of the river. Prices at Brewery District, a condo development in Sapperton, for example, are the lowest per square foot for all new communities on rapid transit1 except for Surrey. The only difference is that Brewery District is a 3-minute walk to the Skytrain and in some developments in Surrey, it’s 9 minutes.
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