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Originally Posted by blankall
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.
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Most are getting help from their parents. I think that’s well-established. It’s amazing how generous the bank of mom and dad becomes once grandkids enter the picture.
Quote:
Originally Posted by blankall
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%:
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What does that show us? It shows us that even at those eye-watering prices, couples will do whatever it takes - beg, borrow, steal - to get into a detached home. They’ll take on $600k more in debt to upgrade from a downtown condo to a suburban family home. Living in the high density city centre was just a transitional lifestyle phase.
The flight from urban centres during the pandemic also shows us that a great many people with property there did
not love the lifestyle, but only lived in the inner city because it was convenient for work. Remove or reduce the need to go into the office and the utility of living close to the office goes down.