I thought the topic on what people pay for rent in Vancouver generated some interesting and informative discussion, so I’d like to do something similar on the topic of income and savings. As the majority of visitors here are… let’s say ‘sceptical’ about the Vancouver real estate market and likely financially cautious I don’t expect the results here to reflect the city at large, but I’m curious to see how much people are saving.
One argument for home ownership is that it acts as a forced savings plan, because the average person doesn’t have the willpower to save on their own. If you’re sitting out of the market waiting for a correction and renting for less than a mortgage would cost are you saving the difference? If loans disappeared and real estate in Vancouver was suddenly only available for cash would you be ready to swoop in?