Quote:
Originally Posted by afc wimbledon
Thats why I am in Vancouver and not London, and why I lived in Poco and not downtown for years and why I bought a beaten up piece of crap house when I did move into Vancouver and lived in it for years doing repairs myself or when I had the money, not borrowing.
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Well I'm not living in Bishop's Avenue myself, but I can see beyond the limited level of influence an individual has on the market.
The banks don't have a limited level of influence - they're lending policies have greatly influenced the property market. Here in the UK, the standard policy used to be that you could borrow up to 3x the main wage earner's salary plus 1x a partner's salary.
Had that policy been maintained you would not have had such a ridiculous overheated housing market.
And for the others that say - rent, I'd agree with that - if the rental sector was economic and didn't mean you had to live in a cesspit if you wanted affordability which is the case here.