#dontneed1million to Own a Home in Vancouver
Fiona Li has had the same goal and a vision since she was in high school at Prince of Wales in Vancouver: she was going to buy her own home after she graduated from university. When she was 15, she started working as at Swiss Chalet and over just a couple years, she saved $14,000.
When she went to university at Simon Fraser, she was paying tuition and rent and wasn’t able to save. But when she graduated and turned 23, she was still able to buy her first home at Brewery District with the money she’d saved back in high school. Her $14,000 was exactly enough for a 5% downpayment on a one bedroom plus den at Brewery District. Now, she’s working two jobs towards saving for the remaining 7% to put down before the project completes in 2 more years - one as a barista at Starbuck’s and another as a receptionist at a car dealership.
“The most difficult part, financially, is the downpayment. So I thought, why not take what I saved and try to make it work,” she says. “If you want a house, yes you probably need a million dollars. But I don’t think people realize there are other options that aren’t overpriced. There’s a lot people can afford, they just aren’t looking into it or they don’t want to settle for an apartment even when they’re renting one.”
For Fiona, she decided she didn’t want to rent anymore and pay someone else’s mortgage. She decided to buy at Brewery District because she really likes the Sapperton area and at $261,900, her mortgage payments will be the same as what she’d pay in rent.
“I just wanted to have some sort of property, something I own.”
Check out the other homebuyers we profiled in our #dontneed1million campaign and read about how they bought homes in Vancouver for way under a million.