Burnaby's Housing Crisis: Why Homes Are Now Unaffordable
Burnaby's Housing Crisis: Why Homes Are Now Unaffordable
🏠 Vancouver's housing market is notoriously tough, but how does Burnaby measure up? In this video, we dive into the latest RBC report revealing just how daunting home ownership in the Vancouver area has become. We'll explore a real-life example from Burnaby's Brentwood area, where even the most modest starter homes are slipping out of reach for the average family. With a 17-year-old, 631 sq. ft. condo asking nearly half a million dollars, we'll break down the numbers to see what it really takes to buy a home today.
Interest rates are a hot topic, and there's speculation they might fall. But will that make a significant difference in affordability? We crunch the numbers with current mortgage rates, family incomes, and the stark reality of the market. Plus, we look at how condo prices have been creeping up, outpacing income growth and making the dream of homeownership even more elusive.
📊 We'll also touch on the 'Rule of 72' to illustrate how investments grow over time, and apply this to the Burnaby real estate market to show just how dynamic, and sometimes, unpredictable, it can be.
🛠️ What's being done to combat this crisis? We'll discuss the province's multifaceted approach to improve housing affordability – from tackling the issue of flippers and foreign buyers to increasing low-income rentals. Is it enough, or just a drop in the ocean?
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Alex Lam
Personal Real Estate Corporation
Realzen Realty Corp
3999 Henning Drive, Suite 402
Burnaby, BC
778-898-2539
[email protected]
www.alexlam.net
