Impossible to own a house, start a family, and save for retirement in Vancouver. What should we do? 30 yo, 100K combined
We want to buy a place and start a family. Since a two bedroom in Vancouver starts at 1 million we would need to double our income so that's out of the question.
With our income we can afford a $500K place, which would mean moving 30 minutes outside of the city for two bedrooms.
Also, a 20% down payment would eat up our entire savings ($100K) and the $1500 per month that we are currently saving would have to go towards the extra cost of mortgage and of raising the kid(s).
Sacrificing our entire retirement fund in order to start a family seems risky and we enjoy living in Vancouver but we also want to be property owners and have children.
What would you do in our situation?