Coming Home to Unaffordability
I came back home to Vancouver ten years ago this year. After nearly a decade away in the Okanagan, where I was a homeowner; the role with my company was no longer available. So I sold my home and moved back to Vancouver and stayed with family for the first year. I eventually found an 800 square foot basement suite for $800 a month. After a couple of years, I was evicted as the owner was tearing down the house to build a new one. I next rented a 600 square foot basement suite for $1,200 a month. Within a few months, the original owner sold the house. Within another few years, I was evicted as the new owner was planning to renovate my suite in order to use the space. I am now in a rental-only apartment building in a 400 square foot studio that costs $1,800 a month. It is very small place at a very high rental rate, but I have more stability here than from where I came. I still work and spend more than half my paycheques to cover my monthly rent, but it is still cheaper than becoming a homeowner again. So as far as unaffordability goes and as crazy as it sounds, my rent is cheap compared to what my equivalent mortgage would be for a 400 square foot studio!