Well tell that to the multitude of teachers, cops etc who had bought in before the last few years.. at this rate the price doubles every 6 years. In a few years, even a 50% crash most houses will still be a million. I can see immediate family buying too, what else are the parents going to do with the money anyways. Real estate is way more practical than boats, RVs or other crazy stuff people like to get when they retire.
Most who are new to the market now wants buy because they have a stable job and mortages are cheap. Some people prefer to have tangible investments. A newish med grad remarked, it is easier than her student loan.
In fact at one of the local firms I am involved in, we noticed we get a lot more hires who originate from Maritimes and now they are decamping from Ab to come here.
As long as Canadians keep piling into the west coast and US keeps H1B numbers low (important), so firms like Amazon, Microsoft etc have to open offices here to keep their foreign hires, there will be no shortage of greater fools to can afford real estate.
I had lived in Copenhagen and Berlin, those places have 70%+ of the population renting.. it is no big deal honestly.. personal choice, personal responsibility.
Quote:
Originally Posted by multicartual
Why buy?
When you keep buying, you just pay into the Vancouver housing pyramid scheme that is driven by fear of being "priced out" and a desire for the status of saying you own instead of rent.
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