Quote:
Originally Posted by peter12
Dude. I am a young professional. I make over the median income for my age. My wife is going to the best law school outside of Toronto. We won't be able to buy here ever.
It will be a city for oligarchs and their servants until nothing is left.
People forget that London, Sydney, Tokyo, New York, San Francisco etc... all have a high-paying sector that exists outside of real estate. That is how people can actually afford to live there.
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I hear you. Most of my friends are lawyers. Few of them own. Those that do (or could) would be looking at 1 or 2 bedroom shoeboxes in the sky. Houses are a pipe dream.
But for an investor from China, the market here is still ridiculously cheap. There is no disincentive to buy. And so the prices will continue to rise until there's an earthquake here, or interest rates quadruple, or China suffers a severe recession (and even in that latter case, it might lead to more buyers trying to secure their money on the Canadian coast).
And it's not just the wealth of many foreign buyers, it's the sheer number of them. We've only seen a drop from the much larger bucket so far. There is a whole growing industry aimed at facilitating these foreign purchases.
Vancouver will become a city of rich property owners, and low-income to middle class renters. But it's a lifestyle city, and young people will always pay to live here, even if it's only renting, and only for their 20s.
But hey: there's always Kelowna.
