You will likely have more luck these days winning the lottery than getting into certain schools in Yaletown or Kitsilano. Live next to Elsie Roy and want to send your kids to school there? Get in line! Want to enroll your little ones in the French Immersion program at Henry Hudson? Ha, don’t make us laugh!
Who could have predicted the current situation? Developers have been madly building condo and strata buildings in downtown Vancouver, False Creek, and Kitsilano for 30 years now, but of course no one expected all of these homes to be occupied by families, right?
Well, that’s exactly what happened. Instead of single people and empty-nesters buying strata properties, families have been snapping them up, choosing to raise their kids in condos instead of the traditional suburban house with the white picket fence!
Why are families choosing to live in condos and stratas instead of suburban houses?
Well, the answer is simple, really.
First and foremost is affordability! Most “regular” families can’t afford to buy single- family homes in Vancouver! Even if both parents have amazing jobs, it’s still going to be incredibly difficult to qualify for mortgage on a $2m house! And yes, not everyone wants to move out to Langley or Surrey, where houses are much more affordable, so that they can spend 2 hours commuting every day of their lives.
This trend could easily have been predicted by the Provincial Government, but of course no one is in a huge rush to build new schools, especially when many schools in traditional areas where people had kids are sitting half full.
So what’s the solution for all of this? Well, the trend of families living in smaller strata properties in urban centers isn’t going away any time soon, so we’re just going to have to buck up and start building schools where families can actually afford to live…near areas with lot’s of condos!
Looking for some advice on buying or selling condos or strata properties? Please reach out to our strata management and real estate brokerage here!