[UFO]

Originally Posted by Liquid_o2

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.

My post was directed at your neighbor's parents, and a sentiment shared by many boomer aged parents. Housing market is out of whack for sure, but a lot of the outrage being voiced right now is by those who feel they SHOULD be able to buy a certain home in a certain area because of this reason or that reason. Hey, I used to be like that too when I was younger and more naive; got all angry. Then you realize that you really have no control over the system and you either work harder or alter your expectations of what you want. This is an issue that reaches far beyond Metro Vancouver, any major correction that could make things affordable will have far reaching consequences for the entire country.

Originally Posted by Liquid_o2

A newish 2 bed 2 bath condo along Lougheed Highway in Burnaby or in the Metrotown area (since the person doesn't have a car and will take Skytrain to work) is $500k to $700k in price right now. Those are asking prices. The average double income family in Burnaby right now earns $79,500. Are you saying that people should be paying 6 to 10 times their annual income to own a 750 SF condo? And should they be having to save up $100,000 down payment to afford this condo? How many couples are able to save that much money in a normal amount of time?

Nobody is talking about entitlement. A person doesn't need a house in Point Grey overlooking the water, or even a 2 bed condo in Yaletown with views of Granville Island. But if we are talking about what every municipality preaches, which is a proper live/work lifestyle with sustainable communities, economic sustainability is a major factor. A couple making $100,000 combined shouldn't have to worry about standing in line overnight with thousands of other people to try and score a 2 bedroom condo in somewhat close proximity to transit without compromising their future.

$800 or $1000 a square foot condos don't make sense. Not for a standard new build condo. $150,000 condo down payments don't make sense. Not when people's incomes don't come even close to being able to afford it.

It still blows my mind that there are people around that are deniers. It's like arguing with anti-vaccinators.

Why are we talking about new builds or newish builds then? Plenty of units available 10-20yo at more than reasonable prices in good areas for 300-400k, even less, easily affordable for a couple making a very average salary and even for a single. Oh right, the horror of living in a used condo, I need brand new with fancy finshings. If you still can't afford it, look for something with 1 bath instead of 2. Oh noes, but no 2 bathrooms?!? Maybe entitlement was the wrong word, or maybe not?

Once again I'm not denying that the market right now is over priced, but sounds like you are denying that people are buying/bitching based more on wants than needs

Originally Posted by westopher

My point is there is no way a doctor and lawyer as a couple could even afford that home. I'm aware that's where historically they live, but in this market, not even they can unless their parents want to give them a cool mil. That's fucking genuinely insane.
Also, its hardly a HUGE lot. Its just that a stupid house that extends to every property line hasn't been built on it yet.

Yes , traditionally that's an area for the elite. But in keeping with sustainable communities etc, as the population moves to more affordable areas of the cities, shouldn't the doctors and lawyers follow along? Surrey, Langley, Maple Ridge, Abbotsford will all need those professionals and services, and you can't tell me even if a doc or lawyer could afford it, they would enjoy or even want to commute from Kerrisdale to Abbotsford every day. Extreme example I know, but no more extreme than the example property you posted.