Quote:
Originally Posted by Enoch Root
EVERY generation starts off at the bottom. Today is no different than at any time in the past.
I think one thing that IS different though, is the continued urbanization of society. Home prices, for the most part, have risen roughly steadily with inflation and with wages. But home prices in larger cities have risen more with the scarcity of space.
If you want a house in Vancouver, you're going to have to pay up for it. If you want a cheaper home, you have to live where homes are cheaper.
We have to be careful about comparing the price of a home in Vancouver with the price of a home is Abbottsford. One is a fair comparison to 30 years ago, and one isn't.
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The issue today is that "bottom" time period you are talking about is now extending into people's 30s and 40s.
The issue is massive foreign investment and poor government planning. Houses in places like Coquitlam are going for well over a 1 million.