Quote:
Originally Posted by CliffFletcher
People with children don’t care for that. Or rather they prefer a detached house, and few can afford both. And that’s true of people starting families in Toronto and Vancouver as well, who are flooding into suburbs and bedroom communities.
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Unless you're parents are giving you a $300k+ downpayment or your household income is $300k+, there is no chance that you are buying a house in Vancouver/Toronto. Even then most people can't afford the house until they are 40ish, as the amount of schooling you need to secure that high end job plus save the $400k for purchase takes a considerable amount of time. Is 40 considered young now? I was almost done high school when my parents were turning 40.
In Vancouver/Toronto even buying in a suburb is likely out of consideration for most young families. You're probably looking at $1.2 million starting price for a liveable detached property in the burbs. Detached houses in the burbs actually saw the greatest jump in prices during the pandemic. Price increasers of over 30%:
https://www.straight.com/news/home-p...e-buyer-demand
Honestly, a lot of the people who choose to live in Vancouver/Toronto aren't overly concerned with having a detached property. If you are living in these cities you value entertainment, walkability, restaurants, culture, etc... over at home motorcycle mechanics. Many people are having children, and would be totally satisfied with a 3 bedroom townhouse....the problem is that those don't really exist in most cities, especially Vancouver.