In a normal, growing economy, each generation can expect a higher standard of living than the previous one. In Canada, we seem to be going in the opposite direction of normal. If the trend noted in this article continues, millennials will be lucky to buy a principal residence at about the time they would like to retire.
In the epicenter of the housing bubble, it’s particularly bad for an average income earner:
In Toronto, for example, where the median home price crossed $1 million in the first quarter, it now takes 278 months (23 years) to save up for a down payment. In Vancouver, where the price of a representative home is $1,381,274 and you need an income of $237,201 to afford it, you would have to save for 389 months (32.4 years) just for the down payment.
It is a feature not a bug.
We should not be owning things. The government will distribute them according to our needs. The only people entitled to ownership are the Laurentian elites and Chicom slave traders.
Welcome to shiny happy gulag.
Also, the imported enrichers certainly enjoy a higher standard of living than back shithole. Civilized people? Who cares? They will soon be replaced.
“That’s the kind of day it’s been”, as Lloyd would have said…
What was the old commie slogan so popular back in the beginning “From each according to his abilities, To each according to his needs “. Sounds familiar when we contemplate the upcoming “great Reset” that the cottage coward can t wait to inflict on us!
If you had been paying attention,the true rate of inflation has been shrinking the real income of working Canadians for decades..Your governments solution to this rampant diminishment?
Lie to the taxpayer.
Every time a commodity grossly rises in consumer price,Oh we took that out of the basket…
Funny thing,here it is census time..where our precious bureaucrats will tell us it is an offence to lie to them..
Is it not treason when they lie to us?
When you withdraw your consent,is lying back to these parasites now a patriotic duty?
You are absolutely right about the “basket.” The Feds will never tell the electorate what the true inflation rate is. And wait until the end result of modern monetary theory – all those printed imaginary dollars awash in the economy. Love the term now being batted about – “transitory hyperinflation.” I guess you could say everything is transitory – depends on how “short term” is defined. I am thinking it doesn’t mean what they want you to think it means.
So you don’t have a dingo named Larry and 5.2 bathrooms in your 2 bedroom house? Shame on you!
I might have said/done something similar…
Oddly enough, house prices don’t fall. They plateau for a time, then take off again. That has been the case ever since I arrived in BC in 1977. The only thing that varies is the length of the plateau. During these pauses, the inventory increases until purchases eat up the surplus and the prices start to surge again.
I live in rural BC, outside of the Lower Mainland, but close by; a ferry ride away. My neighbor’s house sold for 1.3 million the day before it formally hit the market, with an offer above list price. All the sales in our neighborhood in the last two years have been Vancouver urbanites who are bailing. There seem to be endless numbers of them fleeing that cosmopolitan shithole, and their equity there makes our housing seem like a bargoon to them. Nearly all of them work from home or have a trade that fits nicely with our construction boom.
There is plenty of inflation but it’s currently being absorbed in house values. If the gov’t wants to end the price spiral, all they have to do is introduce a capital gains levy on personal real estate.
Seriously ace?
The bonehead NDP added a Speculation Tax, in certain areas, not everywhere, designed to normalize prices.
Didn’t work. The real solution is to normalize interest rates, as they should. It would take the steam right out of the market, but the gutless Lieberals don want to be the ones causing personal bankruptcies to way over extended millenials, and being blamed for it.
So instead, they double down on stupid, and provide MOAR LIEberal largesse, money printing, on their favoured demographic, which further fuels inflation.
Stupid is as stupid does!
I didn’t say it was a good idea, I just pointed out the possibility. We are putting all our nest eggs in the house basket. No wonder ‘reverse’ mortgage are so prevalent.
You can have prosperity or you can have green theocracy but you can’t have both of them. Everything that makes housing expensive is the fault of government, from regulated supply to added costs of regulations, building codes, zoning, and approvals. Even though the sociopaths that campaign on affordable housing who only make it worse, the public that elects them and clamor for it are also opposed to what it would actually take to reduce costs. Also, no one is entitled to live where they want and at a cost that they can necessarily afford. In the town where I live, decent houses are now a million dollars (retirees from the lower mainland) but in a well serviced town 45 minutes from here they are less than half that.
Bingo. If you tax prosperity you will have less of it. I you have a (gan)green economy then expect less prosperity than your freer neighbours.
Decide what is wanted. Free societies want and eventually demand clean air and water. Command economies can’t afford it.
ace and Dan, want the price rise to stop, just quit importing Chinese and Indians. They buy the houses and use off shore financing. Around here, bought houses that are less than pristine, tend to catch fire during reno’s . New 2.3 M houses get gutted and re and re-d even tho they are less than 5 years old. It’s immigrants that are driving the prices,and I’m with so what on this, it will crash, and there will be bargains to be had!
Well, some Indians were here before we were. Their self-identifying term, not mine.
They’ve only been here for 10,000 years, so if you want to call them immigrants, well, I guess I’ll just file that under your worldview.
Let’s be clear about this: when you factor in debt, every generation has been getting poorer than the previous generation since the boomers.
And no one ever wants to talk about immigration and how it makes everything more expensive and everyone poorer. Because cucks would rather prove how totally not racist you are.
As Coulter says, if they aren’t calling you racist its because you’re losing.
I’m with Dan. We bought a house after relocating to BC at the turn of the century (yeah, might as well start saying that), and we got it at the top of our means. We’ve been diligent, we paid our dues, we are mortgage free since 2019. The modest but comfortable houses in this neighborhood in suburban lower mainland are selling from 1.4 to 1.6 Megabucks now. In the “agricultural reserve lands”, mini-castles are being built that often serve only to house land-lords and short-term foreign workers that tend the fields. Feudalism is alive and well in BC.
Well a small revelation. It would appear there are quite a few SDA posters that live in BC, I too, also live outside of Lotusland, up the coast about one hundred kliks north of that festering crap hole. At one time, I happily thought I was well enough insulated from such places, but the urbanites keep creeping closer, with work from home/covid/etc assisting the creeps creeping. I’m starting to take the TV show, Mountain Men, seriously, and am beginning to consider homesteading on a mountain somewhere remote. My age is against me, but at least I could spend my last years far enough away from the stench.
As an aside, with the cost of a 2 x 4 at ten bucks, and a sheet of plywood at a hundred bucks, I’m somewhat confused by the amount of new housing and apartment construction going on in just my little town, and I hear it’s even more intense elsewhere in BC. Are the SDA-BC contingent able to comment on the amount of current construction in their areas?