Jun 17 2007
A two-storey home in Vancouver now costs the average Canadian about 70 per cent of their pre-tax income – not including the down payment.
That kind of home is now worth a figure creeping relentlessly upwards to $700,000. That basically means I could win the lottery, buy a very nice house in central Vancouver, and probably still count on having to work until 55.
To locals intent on getting a piece of land somewhere close to the center of our fair city, the latest real estate buzz is not exactly news. Most of us hard-core urban dwellers who aren’t doctors, lawyers, or people who steal the financial identity of doctors and lawyers have pretty much given up on the dream of a nice house with a white picket fence. Perhaps that will come in retirement, as we cash in our tiny city condos in our old age to buy mansions in Kelowna in sort of a reversal of the usual downsizing retirement trend.
Forget about affordable housing for the poor. How about affordable housing for urban professionals?