Real Estate News

Are young Canadians giving up their big city dreams


LYLE STAFFORD

Daniel Moscovitch had always wanted to leave his hometown of Winnipeg for greener pastures. For a while he did, moving to Vancouver in 2008, when he was 24, then living in Tel Aviv for six years and returning to Vancouver two years ago, where he had hoped to finally build a family and a career. As the now 33-year-old entrepreneur started thinking more about settling down, though, he had trouble figuring out how to make Canada’s most expensive city work.

He had been sharing a two bedroom, 800 square-foot condo – his roommate owned it, buying it before the real estate boom; he paid her $1,300 a month in rent – and while it was well situated in the city’s Mount Pleasant area, his tiny room had just enough space for a double bed and a small desk. Buying a house in a city where the average home price topped about $1.08-million in August, seemed to be an impossible task.

Meanwhile, in Winnipeg, where the average home price is around $300,000, his friends were buying homes and saving money. While creating a business in Vancouver seemed ideal – he runs More Hot Leads, a digital marketing company – his dream to build a life out West changed. “I felt like I had returned to Vancouver at a bad time, like I was too late,” he says. “And I started thinking about what lifestyle I want for me and my future kids.”

Continue to read on: The Globe and Mail

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