How I bought an apartment in Vancouver at 24

As the renovation for my apartment kicks off, a project that I have been planning since I originally purchased my place 5.5 years ago, I’ve been reflecting on home ownership in Vancouver, especially for my generation.

We moved a lot when I was a kid, my dad flipped several of our homes when we were growing up, and by the time I moved out when I was 17, I had lived in 8 places, and the longest I had ever lived somewhere was 4 years.

As a teenager my dad and I had many conversations about finances, saving, and goals. Heading off to university, he kept reinforcing the fact that it was absolutely possible for me to buy an apartment of my own after school if I was strategic with my career choice and smart with my budget.

By 17 when I moved away for University, I knew my first goal after school would be to find a job and pay off my student loans, and the start saving for a down payment. I never wavered from that goal.

I was fortunate to have my dad support with a big part of my tuition, and every summer in between the school semesters I would move home to save on rent and get a summer job as a barista, which allowed me to save up for most of my rent the following school year. In my last two years of my Bachelor of Commerce, I also had to complete a few work placements, which also helped me save. In my last semester of school, I kept working part time for my work placement company in the evenings after class and picked up an internship that paid me $6/hr. That $6/hr, although half of minimum wage, added up, because absolutely everything helps. By working every summer, and completing my work terms, working part-time, and doing that internship (and of course having help with tuition) I graduated with only $10k of student loans after 5 years in school.

My dad was onboard with mission buy-an-apartment, and after I graduated, he let me move into a small office in his photography studio, which I converted to a bedroom, while I saved up for my down payment. I had landed a permanent position with the same company I had done my work placements for, and started full time work the Monday after I wrote my last exam of my undergrad.

On my first day back in the office, they asked me if I could change roles, and instead of working as a project coordinator, manage a door-to-door sales team. Ummmm, sure? As a super shy, 22-year-old with zero management experience, and I was terrified. But there was a commission aspect to the role, so I would have a base salary, and every sale my team did I got a small percentage of, and any sales I closed, I earned full commission.

This turned out to be an incredible opportunity, and shy quiet 22-year-old Kaila got over her fears and spent the next two years managing a team in Abbotsford, Vernon, and Edmonton. Constantly on the road, working 60-70 hrs a week, and doing door-to-door sales. With this opportunity I was able to pay off my student loans in a few months, and I was able to save enough for a 20% down payment in 2 years.

During that time, I continued to live like a student. I almost never ate out, I bought the minimum required business attire, I didn’t go on any extravagant vacations, I turned down many weekend trips with my friends, all in the pursuit of the down payment.

Bedroom when I viewed the apartment with the floor removed and everything sitting on the concrete underlay. I put in carpets temporarily knowing I would one day be redoing all the floors. 

The entire apartment was sea-foam green, the only thing I did as a temp fix was to paint the entire apartment white. 

 After the two years of constant travel and then crashing at my dad’s studio when I was home, I was burnt out and ready for a change. The hunt began for an apartment, meanwhile I negotiated another office role with my company that would give me a higher salary but no commission. This role change reduced my earnings by 30% but gave me a stable income to pay a mortgage with and allow me to work a regular work week with minimal travel. I started putting a few offers in on apartments, and after a few fell through, I ended up buying my apartment when I was 24 years old.

As I was going through the pre-approval process, I had to prove that I had the amount for the down payment in my account for over 30 days. When I checked my balance, I had my down payment + $7 in my account. Payday wasn’t for a few more days, and until then, I couldn’t even buy a coffee. When I did move in, I couldn’t afford to buy all my furniture at first, and I lived without dining room chairs for the first 6 months.

My dining table without chairs for the first few months

The apartment was in a livable condition, but the building was constructed in 1952 and had some very poorly done renovations to it over the year. I knew the next few years I would live there with the plan to renovate it when I had saved up enough, and 5.5 years later here we are.

The moral of the story is, it is possible, but not without some creativity and sacrifice. If home ownership is your goal, stop eating out, don’t go out for coffee every day, volunteer for over time or pick up some extra shifts, find a side hustle, use your phone for another year before upgrading, don’t have a car and use public transit, consider local and affordable vacations instead of expensive trips, thrift your clothes and furniture, live with family, or get a roommate to reduce your costs, and say no to things that aren’t supporting the mission. It was not easy, and with market conditions it is getting increasingly difficult, but it is still possible.

It also doesn’t hurt to have a personal cheerleader telling you every day that you can do it. Thanks dad.