• TonyTonyChopper@mander.xyz
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    1 year ago

    20% down payment is ridiculous these days. For the median home of 370k that’s 74k you need to have lying around.

    • ILikeBoobies
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      1 year ago

      Double that for Canada

      $2,172,613 ($1,586,224.75 USD) if you want a detached in the Vancouver area

      Condos bring the average down as they only cost $816,356 ($596,021.52 USD) which is pretty affordable as far as housing is concerned around the city

      • Victor Villas
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        1 year ago

        Detached homes shouldn’t even exist in Vancouver metrocore anymore so, it makes sense to be a fortune

        • ILikeBoobies
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          1 year ago

          It was the Vancouver area so it includes the surrounding areas but you are correct

          • Victor Villas
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            1 year ago

            Yeah, I know. It goes from “impossible luxury” to “barely affordable” as you go from downtown towards the edges of the metro region. Just saying that it’s not surprising for Vancouver that those prices are so jacked up.

          • SkepticalButOpenMinded
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            1 year ago

            It may surprise those who don’t live here that 80% of Vancouver proper looks like a sleepy suburb of detached single family homes. It is mostly detached homes here. Even a townhouse can take a decade to build due to NIMBYs.

    • ThunderWhiskers@lemmy.world
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      1 year ago

      It’s not an enormous hurdle for folk that already own a home, but it creates a huge barrier to entry. You can get in for less but then you get to waste obscene amounts of money on PMI. Literally just throwing money into someone else’s pocket for no return.