Quote:
Originally Posted by Fuzz
What do people do for money there, anyway? I could never figure that out.
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I'm a lawyer in Vancouver, and housing is out of price for us. I know a few double lawyer couples who've bought small and run down places on the East side for 1.4 million or so. Even then, they typically get substantial help from their parents (like $250k+ in cash kind of help). They end up pretty cash strapped supporting the mortgage though and have to do renovations themselves and often regret the decision.
The whole system in Vancouver is messed up. Quite frankly if 2 working lawyers cannot afford a place in a run down area of town, something is wrong.
I also know lots of people who've just given up and moved to Kelowna or Victoria. That's becoming more the norm. Vancouver is a fun place to spend your 20s in, but you leave shortly after. There's basically very little in the way of functioning economy at this point as the cost of housing is too out of control.
It's a tough situation for any government to be in, as the current home owners have an interest in keeping prices high, but the effect has just been so devastating to the economy that everyone else is suffering.