Quote:
Originally Posted by Tapioca
Even detached houses in Surrey/Delta cost at least a half million. For an average upper middle class couple making a combined income of $150K year, that is still significant, particularly if you have to pay off student loans and have been unable to accumulate much in savings because you've been living away from home. You also have to factor in commuting costs over say 5-10 years. If you have to commute to Vancouver from Surrey, that costs you about 5 grand a year in insurance, gas, and maintenance.
Even if you could afford to buy a home for a half million, you're tied to a city with limited career mobility and a ceiling in terms of your income. No one would be too concerned if you could easily make 6-figure salaries after 10 years, but the problem in Vancouver is that most people top out at 6 figures.
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150k combined household income is pretty good income by Vancouver standards. The average median household income is only ~60-65k. I know households with much less than 100k who were able to buy something in the 400-500k range. If people have to commute than so be it. Nobody says you have to buy either.