Quote:
Originally Posted by GGG
In Calgary the median family income can afford the median SFH. I find it tough to see an affordability issue when that is the case.
As an aside I don’t think we give Gen Xers a hard enough time. I’m the tail end or the start of the millennials but bought a house a year too late. Gen X got to profit off the property increase along with being in higher earning jobs during the 2004-2014 oil boom rather than just starting careers.
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Firstly, Calgary is one of the more affordable markets in Canada. Calgary has also always been a relatively affordable city. It's a fact though that housing in Canada is the least affordable it has been since the crisis in 1980 and inflation adjusted wages are lower than they were in 1980. Other goods like food, childcare, etc.. are all more expensive.
And yes, people can afford a $500k house now, if they pull it all together. What happens when mortgage rates go back to historical norms, or even 5%? That $2000/month becomes $3,500+ and a lot of people are in trouble.
As for Gen Xers, they just don't have the power in society that baby boomers do.