If the issue of the Vancouver housing market could be put into a physical form guaranteed it would be a giant red button that reads ‘Hot Topic’. On a continual rise for the past 15 years, prices in the housing market in Vancouver are showing no signs of dropping any time soon. In January the average price of a detached single family home reached a record high $1.65 million, a 22.5% gain over the same month in 2015. To add to this the gap between condos, previously viewed more affordable alternative, and single family homes is steadily closing.
With all of this what is a poor up and coming young professional, or even the wealthy young professionals who are tired of paying what feels like ransom every month in rent to do? Live with a roommate until you're 50? Strategically stay in your parents basement until they pass away and you can take ownership of their house?
It may sound a little out there but did you know that there are tons of private islands across Canada a lot in our own province that cost way less than a condo or house in Vancouver? Below are some cheaper, roomier alternatives to consider before breaking the bank in the city.
1. Hemlow Island // Nova Scotia
Cost = $29,500
For those with a starter island budget or for first time island buyers Hemlow Island gives you the most bang for your buck. With nearby beaches where you can go clam digging and areas to go diving for scallops Hemlow Island starts at $29,500 for 2.14 acres. Amenities are only 10 minutes away and the Halifax airport is within driving distance when you are flying back west for visits.
2. Big Tusket Island Parcel // Nova Scotia
Cost = $65,000
Perfect for those who want to flee from Vancouver and its housing market completely, this east coast island is 37 acres and part of a picturesque group of granite islands off Nova Scotia’s southwestern coast. Get your ocean view at a fraction of the cost. Power is available and the island has a number of unique lighthouses to explore.
3. Sweet Island // British Columbia
Cost = $85, 476
Sweet Island is a 3.3 acre island situated on Stuart Lake in the northern interior of British Columbia. If you are looking for a fixer upper there is an old home on the property and a half acre of land cleared for a garden. The area is great for outdoor sport enthusiasts who enjoy fishing, swimming and boating. This area is also home to an abundance of wildlife.
4. Big Tanook Island // Nova Scotia
Cost = $90,000
Coming in just under a hundred grand Big Tancook Island is 11.6 acres and the largest island in Mahone Bay. The unspoiled island offers amazing views and a peaceful natural setting.
5. American Island // British Columbia
Cost = $175,000
This 8 acre private island also situated on Stuart Lake. It is well treed and offers 1km of shoreline with two bays for mooring. The surrounding area is perfect for outdoor activities throughout the year such as skiing and snowboarding in the winter and fishing in the summer.
6. Lizzie's Cove Island // British Columbia
Lizzie’s Cove is an untouched 6.5 forested acre of land with rare yew and yellow cedar trees. On one side of the island whales can be seen passing by and the surrounding water offers superb fishing opportunities. The island can be easily accessed by flights from Vancouver to Bella Bella.
7. Round Island // British Columbia
Cost = $380,000
For those with a little more room in their budgets Round Island is 7.5 acres of pristine, undisturbed mature forest located in the the southern Gulf Islands of BC. It is easily accessed and offers a natural park like setting with captivating views.