Generation HOW?

Tanya Beja, Global News : Monday, October 03, 2011 9:14 PM

Looking for week two's stories? Click here!

Looking for week three's stories? Click here!

Generation HOW? is a month-long series on Global BC focusing on issues facing 18 to 35-year olds and how to make ends meet with the high cost of living in B.C.

Many young people have already given up dreams of ever owning a home in B.C. and are searching for greener pastures elsewhere.

For the first time since 2003, B.C. lost more people than people moving here from other provinces.

October 3-7 - The high cost of real estate

Part one: Young families leave BC

Part two: First time home buyers:

Part three: Creative compromises for young home owners:

Part four: The big diemma...suburbs or city?

Part five: Better to rent than own?

Links and further information:

Are you setting out on your own, and ready to hit the real estate market? How do you start? How do you know if it’s better to rent or buy?

Our first story looked at some of the people moving out of Metro Vancouver to the rest of the country to find affordable housing. How big is the tide? Not very, to be honest, but 2011 marks the first time since 2003 that BC lost more people to the rest of the country than moved here from other provinces. Want proof? Check out Statistics Canada: website

How about in the future? BC Stats puts out projections to 2036: PDF report

Want to compare prices in Vancouver and the rest of the country? See RBC’s affordability report: PDF report

How does Vancouver compare with the rest of the world? (hint: the picture doesn’t get much better.) PDF report

This is a great site for first-time home buyers from the US Department of Housing and Urban Development. Some of the information is specific to the United States, but much of the advice can be applied wherever you are: website

Canada Mortgage and Housing also has plenty of advice for the first-time home buyer, including calculators that should help you decide whether to rent or buy (there are plenty of factors to consider) website

Should I rent or should I buy? The census provides plenty of information on those who have already made their decision. The conclusion: more people own their own homes than at any time since 1971 (mostly because of condos). However, costs for home owners were almost double the rate of inflation, and double costs renters paid: website

And a good community blog on the real estate and rental market: website

So you’ve decided to stay in Metro Vancouver, and buy a home. Where do you buy? Statistics Canada released an interesting report in 2010 looking at the flow of people from Vancouver, Toronto and Montreal to the suburbs (and back again) PDF report

How about a Laneway home? It’s a reasonable alternative for some people. We’ll take a look at them during the week. Want to build one? Here’s some advice from the city of Vancouver. PDF report

October 10-14 - Saving money and making ends meet

In our second week of Generation HOW? Aaron McArthur looks at cutting costs, and the sacrifices everyone seems to have to make. From cutting coupons and the rising cost of child care, to moonlighting to make ends meet, we're exploring what people are doing to survive in our province.

Links and further information:

Share the Savings Facebook group

Some tips from 'smart saver' Tara Jensen:

1. Be organized, match your sales, price matches and coupons to weekly deals to maximize your savings.
2. Connect with a coupon group or forum to have access to a variety of coupons and knowledge (we personally like smartcanucks.ca)
3. Know your stores coupon policy before shopping, it can mean the difference between a successful stress free shop and one that ends in frustration.