Down to buy a home but your bank account just won't allow it? Join the club -- the massive club. As real estate prices skyrocket across the country, the dream of homeownership seems literally impossible for most young adults. Luckily, a BC startup company might have come up with somewhat of a solution.
Anyone have a $1.1 million dollars laying around to score an average-priced house in Vancouver? Didn't think so, and neither did In My Backyard (IMBY).
IMBY has come up with a way for the average person (with the average bank account) to actually make money from Vancouver's insane real estate market. Using the app, you can invest money in condos or homes in the city for a 35 percent return.
The coolest part is that you can invest as much or as little as you want. Yes, you can even invest a loonie.
According to IMBY's, Michael Stephenson who spoke to Global News, the startup is already a hit. The very first development they featured on their platform is already sold out with a total of 200 investors going in on a house together.
While investing your pocket change to invest in real estate is far from actually owning a home, it's definitely a stepping stone. Who's down to sacrifice their morning coffee for a condo share?