In BC, and more specifically in cities like Vancouver and here in Victoria, home affordability can be pretty pricey. If you’re a millennial with a budding career and make a decent income, buying a home may be in your reach, but you may have to get a little creative, too.
As a Millennial, you may be finding it more difficult to find the place of your dreams in urban centres. If you’re one of the lucky ones that can rely on family for financial support then that is great. But for most of the millennial population in Victoria, dipping into the Victoria real estate market may seem a bit out of reach, but if you can learn to compromise and set realistic expectations, you may be able call yourself a homeowner.
Home ownership can be the best investment you’ll ever make. While you may not be able to afford a 4-bedroom home in the heart of the city, if you consider a space with less square footage, or a condo or townhome, the likelihood of you being able to purchase a home will greatly increase. Here are some tips and workarounds we thought you should know if you want to take the plunge into homeownership.
Save, Save, Save
This is an obvious tip, but saving is the first thing you need to do before you even consider purchasing a home. We know this is easier said than done, but if you can calculate how much you can put aside each month (being realistic, of course) and create a savings plan, you could eventually pull a down payment together. Of course, this will likely mean cutting your expenses down and living a more frugal lifestyle. However, it’s the end result that really matters. Adding or finding a new source of income on top of your primary may also be a way to help save for that down payment. Homeownership these days can mean making important sacrifices, but you’ll thank yourself later.
We’ve been seeing this a lot lately in urban markets, millennial friends have started to band together with friends or family members and are co-signing on a property together. While this may feel a little like your college or university days, it could be an effective way to get into the real estate market. Having roommates or renting out your portion of the property may not seem ideal, but if you want a property of your own, this can help you save money while gaining some equity.
Make a Change
Ok, this may not be what you want to hear when someone gives advice on how millennials can afford real estate in Victoria, but we have to be realistic. Living in an expensive city like Victoria, which is just behind the inflated prices of living in Vancouver and Toronto, may be unrealistic if you’re looking to own a home. Being realistic about what you can and can’t afford long-term is something millennials often don’t want to come to terms with but need to in this day and age. This doesn’t mean you have to move far away to a small town, but consider moving to a neighbouring suburb or metropolitan area. Having a short commute isn’t the end of the world and can allow you to get the home you’re looking for at a much cheaper price. If you are dead set on living in the city core, then consider a condo or townhome which could be a viable option for you. It may lack the square footage you want, but the convenience will surely make up for that.
Although the current real estate market may not be ideal, don’t give up on homeownership. Victoria may be out of reach for some, but Pemberton Holmes is a real estate brokerage with agents located across Vancouver Island. We’re well-informed on the real estate market so if you’re thinking of buying a condo or a home outside the city, we’ll have options for you. Being one of the Island’s biggest real estate firms, we pride ourselves on hiring realtors that understand the current climate of the market. If you’re a millennial that dreams of homeownership, contact us today and see how we can try and get you into the home of your dreams.