Quote:
Originally Posted by nik-
Millennials are entering their late 30's Peter, a ton of them have bought houses in those NIMBY areas, started families are interesting in increasing their asset value. Having a more depressed economic outlook doesn't mean that they don't participate in the same economic system, often foolishly. They do.
They're not as culpable as Boomers, clearly, but I'd say Gen-X is. Boomers voted for laws, Gen-X provided the gasoline and Millennial detached homebuyers are following the same mantra.
|
Merely buying a home to live in is not the problem. That's normal. The problem is manipulation of our economy with a goal of preserving wealth at the cost of those trying to earn it.
Once again, I do think it's important to look outside of Calgary and look at Canada as a whole (or even the situation globally). Calgary has had a very unique scenario, with unlimited land and a high paying oil and gas industry that young people can jump into. Even then, what mellennials have acquired is of lower quality than the previous generation, despite having worked harder for it. Most Millennials are not buying detached homes in Canada.
Edit: The solution isn't for young people to just move to places like Calgary either. The last time that happened, during the last oil boom, there was a massive housing crisis. Housing in Calgary is somewhat affordable because the jobless rate is high and oil is low.