Most Metro Vancouver residents are willing to make serious sacrifices to live there, that according to a poll conducted by Angus Reid Global for Vancity and the Vancouver Sun.
According to the poll of nearly 1,100 Metro Vancouver residents, in order to be able to afford where they live, many residents are willing to cut back on retirement savings or stop saving altogether, work at a job they don’t like, and live in a space that is too small for them or their family.
In addition, many residents have given up gym memberships, further education and activities for their kids.
Nearly half of Metro Vancouver residents rate housing value for the money as “poor” or “terrible”. But, a strong majority of renters can’t afford to buy a home. Sixty-four per cent know someone who lives with family or friends because they can’t afford a place of their own.
Still, 61 per cent of residents surveyed say that “it’s worth every penny to live in Metro Vancouver.” And 55 per cent say they may live in a small space but at least they are living where they want to be.
The results point to the challenges many homeowners, renters and their children face in order to stay in the community they love. At the same time, these challenges make it easier for landlords to fill vacancies.
According to Linda Morris, senior vice-president of Vancity, “The housing market presents an affordability challenge for many Metro Vancouver residents. At Vancity, we believe that financial institutions play a role in overcoming that challenge by working with our members and by investing in the communities where they live.”
Vancity offers learning resources to help first-time homebuyers understand their home ownership options and make informed choices. The credit union offers financial literacy seminars to help its members address the challenges of living in Metro Vancouver.
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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.