Quote:
Originally Posted by UFO
Many people, myself included previously, don't realize that property taxes do not increase proportionately with property assessment values. Depending on the city's budgetary needs, your property taxes may continue to increase even if property values correct and drop 20%. And if that happens I'm sure there will be new outrage in the general public about high property taxes AND decreasing property values, imagine that!
I'm starting to believe that the millenials' sense of entitlement and expectations that we all like to make light of is due to over parenting; parents trying to be the best parents by giving there kids everything they want while growing up. The parents in the post above need to realize that as long as their kids have some education, good work ethic, drive to self improve, the kids will manage just fine. Just fine does not mean that they will/need to buy their own house, have a fancy car, etc etc. Living/renting in a modest starter condo is just fine, my parents grew up as a family of 8 in a unit smaller than the 'too small' shoeboxes that are currently pushed in new builds.
People have endured hard times throughout history. Many have immigrated to foreign countries with no understanding of language nor a penny to their name. So yeah, pretty sure those kids will be OK one way or another, the parents just have to let the kids find their own way
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When my mom was born, her family lived in a room about 200 square feet in size and shared a kitchen and bathroom with 7 other families in the Soviet Union.
She knows her kids are going to be OK. I know I'm going to be OK. But what does that have to do with an out of whack housing market, where a house 45 minutes from downtown Vancouver now costs 12x the average household income?
People can make all the references they want, and all the excuses in the world. No matter how this plays out over the next 3 to 5 years, whether the prices correct or no, this isn't going to end well for Metro Vancouver.