Quote:
Originally Posted by activeStick
I wonder how the next generation is going to purchase a home if they want to? With the prices being where they are now, the 20% minimum down payment and the cost of living just to survive these days being so high making it harder to save, I'm not sure how they'll do it. If they don't have parents (many who are also struggling) who can essentially give them money for a down payment, saving $100k minimum will be tough.
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In Vancouver, it's almost exclusively people who get large lump sum help from their parents or investors who buy detached housing. Occasionally, a high earning professional, entrepreneur, or construction industry guy climbs the ladder into detached housing. It also helps if you bought a strata property 10+ years ago, that now has several thousands dollars of equity in it.
The same trend spread into Victoria and Kelowna. Calgary, due to their land abundance, can somewhat mitigate the trend but that's where it's headed, although to a less extreme extent.