Quote:
Originally Posted by pepper24
The 4-11 times is comparing median income to home prices. Not mortgages. Historically, this stat has been 3-4 times. It’s a legit stat comparing apples to apples. Proof of this stat is that from 1997 to 2007 home prices increased 198%. Besides realtors (pay linked to home prices) what other professions had salary/wage spikes that kept pace? I’ll try to track down stats but I don’t know of many that had similar increases. To stay at 3-4 times, salaries would have had to increase by the same rate which isn’t the case.????
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What about all the people working in the oil companies downtown? I know a few people who are engineers who couldn't even find a job back in the early 2000's, and now make over 100K. It seems the average engineer or accountant coming out of post secondary is making at least twice as much as they were 10 years ago.