"The starter home is dead."
I keep seeing that line everywhere. Here's my Greater Vancouver take: it isn't dead. It just moved into a condo.
This started as a post on my social channels. Here's that version.
The first house is now the second or third move
The white-picket-fence first house our parents bought? Around here, that's usually the second or third move now. In the Tri-Cities, BC, today's starter home is a 1- or 2-bed condo in Coquitlam, or a townhouse in Port Coquitlam or Port Moody. And honestly? That's OK.
On the graphic: the faded house on the left is the old idea of a starter home. The bright side on the right, with the "Starter Home" sign, is what a first place looks like here now.
Same plan, different building
The plan hasn't changed, only the building type:
- Get in the door
- Build equity
- Trade up later
Waiting for the "perfect" detached house as a first purchase is how a lot of people end up renting way longer than they planned.
For buyers and sellers
Buyers: a smaller first step still counts as a step. If you're weighing a first condo or townhouse, my page for home buyers walks through how I help. If you're a newcomer and not ready to buy yet, start with my guide to relocating to Greater Vancouver or the relocation rental service for tenants.
Sellers: those first-time buyers are the ones who keep the whole ladder moving.
What was YOUR first place? Condo, townhouse, basement suite, or your parents' basement?