Quote:
Originally Posted by The Fonz
Does it seriously cost 600k to buy a home in an undesirable area? I don’t live in Calgary.
As for my previous post, the point I was making is that it wasn’t so easy for Boomers to buy their 1st home either. They struggled much like the 25-35 year olds of today.
|
It wasn't easy for boomers during that 2-3 years and then things began to adjust. My point is we are in that tough period, but there seems to be no adjustment coming.
Also household incomes, adjusted for inflation, are lower now, but the average family works for more hours. This doesn't take into account the rising costs of daycare and food.
It wasn't easy for the boomers during that massive recession. But the recession level tough times, would actually be a slight relief but today's standards.
Calgary may also be a bad example, as they probably have the least housing pressure in the country. They have an above average jobless rate, had a recent construction boom, unlimited surrounding land, and the population growth has slowed dramatically to about 1.4%.
So basically by your example, if you can find a job in Calgary, you can afford to buy a house at a comparable economics pressure to the hardest possible time the babyboomer generation experienced.