Quote:
Originally Posted by opendoor
Vancouver is obviously an extreme example, but the same pattern exists almost everywhere in Canada. Jobs in rural areas have largely dried up and cities are becoming increasingly unaffordable. To ignore the difficulty in entering the workforce during a prolonged low interest period where saving is essentially punished and housing costs are rising dramatically is to ignore reality.
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This is just my theory, but Vancouver and Toronto are undergoing a transformation to alpa+ world cities. Places that not just people in Western Canada, or Canada want to move to, but people from all over the world. Wealthy people. It's happened before with cities like London and Sydney, most normal people there move far afield to the surronding suburbs and the real estate in the city core becomes prohibitvely expensive.
The government should be doing a better job by enacting a foreign buyer tax but I honestly don't think it'll ever be in the reach of 90% of people to own property in the core of either Toronto or Vancouver, its just too far gone reaching critical mass as a world destination. Real estate in the next tier of cities, the Calgary's, Edmonton's, and Ottawa's of the world, is within reach for most.