When it comes to the millennial cohort, the Vancouver real estate market can seem quite bleak on the surface. You can, however, still achieve your dream of Vancouver real estate if you're truly dedicated to it. High prices, low inventory, and new mortgage qualification changes be darned - it's still possible for many to become Vancouver millennial homebuyers with a lot of long-term planning and prioritizing.

If you're looking to become a Vancouver millennial homebuyer in the not-too-distant future, here are some tactics to keep in mind as you're kicking off the planning stages.

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How Can You Prepare for Vancouver Home Buying?

Be Budget-Smart

If you’re hoping to one day enter the Vancouver real estate market, why not employ money-saving tactics in the meantime? Budgeting your money or saving for a large purchase can be very stressful and overwhelming, but it doesn’t have to be; sometimes the simplest changes to your lifestyle can make all the difference in the pursuit of becoming a Vancouver millennial homebuyer.

While eating out in Vancouver’s eclectic restaurants can be ridiculously tempting, choosing to cook for yourself or pack a lunch to the office can make an enormous difference in your long-term savings. It might be difficult in the moment to avoid extraneous purchases like vacations, nice cars, or even everyday latte runs, but it’ll likely be worth it when you hold the keys as a Vancouver millennial homebuyer.

Take advantage of technology by downloading a budgeting app to help you cut costs and save where you can. You can also use the power of the internet to connect with knowledgeable people on the subject (e.g., financial advisors, mortgage brokers, etc.), stay up to speed on the market, and ensure you're employing solid budgeting tactics in preparation for your big move.

Get Creative

You might experience some cynicism related to becoming a Vancouver millennial homebuyer, but this doesn't mean buying real estate in the city is an impossible feat. If you're really passionate about buying a home in Vancouver, thinking outside of the box can certainly pay off. For instance, here are some creative strategies that might fit your lifestyle and afford you an opportunity to enter the Vancouver real estate market:

• Explore pre-sales & rent-to-own homes
• Buy a stake in your parents' home
• Consider a homeshare with a significant other or group of friends

If you have adequate savings for a downpayment, but don’t make enough to qualify for a mortgage, perhaps your parents would be able to cosign for you until this changes. As a Vancouver millennial homebuyer, this idea can feel somehow embarrassing or shameful, but it shouldn't if you're planning appropriately and working towards a responsible goal.

Regardless of your circumstances, if you're involving anyone else in your home buying decision, be sure to document everything. Be comfortable with the written agreement, and review it annually to ensure all participants are still abiding.

What Types of Homes Can Millennials Afford in Vancouver?

Vancouver real estate options for millennials can seem few and far between, but you don't have to buy your dream home right off the bat. If you're eager to live in the heart of the city and can afford a 1-bedroom condo, perhaps start there.

There are still plenty of options for one-bedroom and studio condos for sale for less than $500,000, and even some in the $300,000 range in various Vancouver neighborhoods. With the current appreciation rate, it's possible you'll eventually be able to trade up into a home that is closer to your end goal.

To that end, once you've established a starter home, you might choose to flip it or rent out the basement to potentially end up on top and move into a home that is more suited to your long-term plan.

What Neighborhoods Can Millennials Afford in Vancouver?

Again, staying informed is key in order to track down the latest in affordability and up-and-coming Vancouver neighbourhoods. For now, here are some options that may prove fruitful in your search to become a Vancouver millennial homebuyer:

East Vancouver

Neighbourhoods in East Vancouver provide a welcomed alternative to more expensive neighbourhoods, without skimping on character and amenities. Complete with a wide variety of property types perfect for a starter or entry-level home, East Vancouver’s charm is not to be missed if you're in the market for a new home in Vancouver.

South Vancouver

Also known as Sunset, the South Vancouver area can be an excellent choice for singles, couples, and young families. Although not currently as affordable as previous decades, some South Vancouver properties are still considered more affordable by Vancouver standards. Most detached homes on the more affordable end of the scale are still within the $1 million region, but could be considered a more worthwhile investment, as the market has remained more stable in these neighbourhoods.

# 303 5555 Victoria Drive, Vancouver

$500,000 - 2 Beds, 1 Baths, 666 Sf

MLS® # R2415516

Royal Pacific Realty Corp.

# 604 789 Drake Street, Vancouver

$499,900 - 1 Beds, 1 Baths, 570 Sf

MLS® # R2426940

RE/MAX Sabre Realty Group

# 201 138 E Hastings Street, Vancouver

$499,900 - 1 Beds, 1 Baths, 677 Sf

MLS® # R2428794

Sutton Group-West Coast Realty

Connect with Robin Bardon at Oakwyn Realty to learn more about entering the Vancouver real estate market, and discover a home that fits your needs and preferences.