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Man turns to crowdfunding to purchase $455,000 Vancouver home

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DH Vancouver Staff Jul 15, 2014 10:13 am

Housing affordability is a known problem in these parts of Canada, and one man is hoping he can overcome that obstacle. But there’s a catch: he wants you to pay for it.

Chris Boomhour recently moved to Vancouver “for love” and like many others in the city, rent is a struggle with studio apartments starting at $1,250 per month.

“The rental issue is you’re essentially giving money away because it is not going toward anything,” Bloomhour writes. “Investors and Property Management firms own condos all over major cities and rent them out causing extreme profitability, however it makes it extremely hard for young people of today to ‘get on their feet.'”

It might not surprise anyone that data shows 90 per cent of household incomes in Vancouver go towards maintaining housing costs. Earlier this year, an annual survey also ranked Vancouver as the world’s second least affordable housing market, just behind Hong Kong.

Boomhour’s crowdfunding campaign on Crowd Tilt hopes to raise $450,000 for his “dream home”. He wants at least $25,000 so that he can place a down payment.

“Instead of paying for nothing by renting an apartment, I will be paying off a mortgage and acquiring a lifelong asset.”

In exchange for donations as little as $1.00, Boomhour states that contributors will get a chance to win a $1,000 Amazon.com gift card plus “good karma” and the ability to feel good about being a part of “something special” – to make his dreams of owning Vancouver real estate come true.

Of course, there is no question that is also the struggle and dream of many Vancouverites.

You can visit his crowdfunding page here: https://www.crowdtilt.com/campaigns/fund-a-dream-home. The campaign ends in 29 days.

crowdfunding real estate chris boombour
Image: Crowdtilt

Featured Image: Crowdtilt

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DH Vancouver Staff
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