[supafamous]

Originally Posted by Tapioca

- 2 doctors
- 2 tech salaries

Yeah, we're talking like top 5% of income earners in Canada, but very few detached homes turn over each year relative to other property types, particularly in the Lower Mainland where they are an endangered species.

Like-minded people from similar socio-economic backgrounds are the ones who are buying those coveted detached homes.

Even 2 tech salaries (or doctors) makes that tough b/c of the size of the downpayment. Saving 20% for a 2.4m home is really hard even for high earners (unless they bought in early or got a gift) - it's not like they hit high income till they are in well into their 30's.

re: 5% of income earners - I think it's even smaller than that. I think $300k household puts you into the top 2-3%