Lifestyle

How this young B.C. couple bought their first home — a two-bedroom condo — for $620,000


The National Post spoke to Gen Z and Millennial homebuyers about how they were able to purchase their first home

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Who: Ziggy Linklater, 27, and Katie Linklater, 28

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Where: Port Coquitlam, B.C.

Budget: $650,000

Ziggy and Katie got married seven years ago at the age of 20 and 21 respectively. Since then, they have been saving up to buy a place of their own. Ziggy said owning a home was on his bucket list.

Unlike some others, they weren’t able to get help from family or relatives to get their foot in the market. It was up to them to come up with the money for the down payment. To make that a reality, they worked nonstop and followed a strict budget.

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“It was super important for us to give sort of every dollar we made a purpose. So, whether that was groceries, gas, eating out, utility bills — for every dollar we made every month, we would sit down at the beginning of the month, budget accordingly, and follow that plan.”

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They were able to use Ziggy’s income to purchase the condo while saving Katie’s finances for spending and living costs. Setting aside a bit of “fun money” every month, counting every dollar, and downsizing their previous rental apartment allowed them to save the money necessary to make the purchase.

They were open to living anywhere in British Columbia, but knew cities like Vancouver and Burnaby were out of the question. Ideally, they wanted something new and within their budget.

To find the right place, Ziggy said they had to really look. The market was competitive and bidding wars put them out of their budget. They looked at over two dozen developments before finding the right place.

They were excited about the design and pricing of a pre-construction project and decided to buy a two-bedroom, two-bathroom condo for $620,000. It will be completed in the summer of 2022.

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“For us, Port Coquitlam allowed us to stick within our budget, it allowed us to be close to family. But also, we have amazing access to parks and trails, and mountains 25 minutes away,” Ziggy said. “So, it was kind of the best of the best within the budget.”

Ziggy said the benefit with it being presale is that they have had the last few months to pay off the down payment and can now work towards financing other aspects of their purchase.

“My own parents don’t own yet…. I’d like to help them out and buy them a condo or be able to do that. And that’s really why I’m so ambitious at my age,” Ziggy said. “I want to help my parents out. I want to be able to have kids. And I just want to set up our next generation for success because it’s getting more and more difficult.”

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