It seems Vancouverites are willing to do a lot to get into their first home — except give up their cars, a report from Genworth Financial Canada indicates.
Seventy-six per cent of Vancouver residents surveyed said they would be willing to delay major purchases if it meant owning their own home. Fifty per cent said they would give up a vacation.
Only 31 per cent said they would give up their car.
Stephen Dupuis, president and CEO of the Building Industry & Land Development Association, said the lengths to which Vancouverites will go to own or keep their homes varies depending on the situation.
“It’s fascinating how much people are attached to their cars,” Dupuis said. “It’s an interesting social statement.”
But for most, owning a home is a symbol of financial and emotional security.
“Once you get that equity, once you’re mortgage-free, that’s your retirement, that’s your nest egg,” Dupuis said.
“But there’s also the emotional part — that’s where you start your family.”