Melissa Leong,  Mar. 15, 2016

Via/http://www.financialpost.com/

Anyone wanting to buy her first home, especially in a big city, sees the gulf between her dreams and reality.

A so-called starter house in Toronto and Vancouver may cost more than $1 million. In January, the average price of detached homes hit a record high of $1.83 million in the Vancouver region; meanwhile, a tiny fixer-upper in Vancouver’s posh Point Grey neighbourhood sold last month for $2.48 million.

“It’s that white picket fence dream; the dream of owning a home still exists but it needs to be augmented for today’s reality,” says Ryan McKinley, a senior mortgage development manager at Vancity, a Vancouver-based credit union.

A so-called starter house in Toronto and Vancouver may cost more than $1 million. In January, the average price of detached homes hit a record high of $1.83 million in the Vancouver region; meanwhile, a tiny fixer-upper in Vancouver’s posh Point Grey neighbourhood sold last month for $2.48 million.

“It’s that white picket fence dream; the dream of owning a home still exists but it needs to be augmented for today’s reality,” says Ryan McKinley, a senior mortgage development manager at Vancity, a Vancouver-based credit union.

“It used to be that you get out of school, get your first job and there you are with your single (detached) home. There seem to be more steps in between now.”

Today, first-time homebuyers will buy a condo or a townhouse. They’ll co-buy with friends or family. They’ll buy a home with a rental unit. They’ll spend more time saving up for a down payment.

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