This Parking Spot Renting Out For $50,000 Proves How Unaffordable Real Estate Can Be In Canada (PHOTO)
Finding affordable housing in Canada seems to be an impossible task. Even if you are searching for a single person dwelling, prices are through the roof should you want anything half decent. In fact, real estate in Canada can be so unaffordable in Canada that a Vancouver parking space is listed for $50,000. Yes, we said parking space.
It's not anything new when we say living in Vancouver is next to impossible. Not only are things like groceries, transit, and general living expenses outrageous in the big city, but affordable and decent housing is pretty impossible to find. And should you find something affordable, it is either snatched up so fast, or looked better in the pictures.
According to REW, the cheapest piece of real estate in the city is currently listed at $50,000. The sad reality is that this is not a home or an apartment. It is actually a parking space!
Built in 1993, this parking space is located in the Yaletown marina of Vancouver. While you can expect to pay $50,000 just for the spot itself, you will also have to cough up an extra $276 a year in property tax. Not to mention, there's also $47.20 a month for maintenance fees.
If this isn’t a shining example of how unaffordable renting is in Vancouver, then I don’t know what is.
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Houses and real estate in Vancouver are so expensive that people are actually leaving the city because they can not afford to live here. Housing prices in Vancouver are actually some of the highest in Canada.
According to a recent study, BC is tied for first with Ontario as being one of the most unaffordable places for millennials to live in in the nation. Big cities like Vancouver are making this a sad reality.
The study mentions that in order for a millennial living in BC to afford a home, the average house price would need to fall about two-thirds of its original value. This would mean a house in Vancouver would need to drop about $795,000 in order to be affordable.
Paying $50,000 for a parking spot is absurd and really hits home that Vancouver has one of the worst housing markets in the whole world for 2019.
Just for fun, we looked up the most expensive house in Vancouver. Should you happen to find yourself with a cool $39,900,000, you could be living in a glamorous six bedroom, eight bath home in West Vancouver.
If you’re looking for a more affordable place to live that isn’t a parking stall, you may want to head to Alberta as Calgary was recently named as being the most affordable major housing markets in North America.