Quote:
Originally Posted by manny_santos
There are cases where this could help, but they're likely cases that aren't in Canada's large cities and they could well be edge case
In any event this was a longtime renter who was able to buy. And she's not the only longtime renter I know who has bought a home in the past three years. One couple even bought a condo in downtown Vancouver, and I know a couple that is planning to buy in North Vancouver soon. There are people my age and younger who are buying, or are very close to buying, but sometimes I think these people are overlooked by commentators who think all renters are in dire financial straits. Some Canadian renters make very good money and have been building savings.
Myself, I'm a renter and I don't plan to buy anytime soon; but that's more a product of being single and also having no interest in living in a smaller community. I'd rather rent in Metro Vancouver and be happy living here than moving anywhere else that's more affordable where I know no one and be unhappy.
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Obviously, there are young people that can buy, particularly in cheaper markets. However, the fact that you state a couple "even bought a condo in Vancouver" exemplifies how ridiculous the situation has become. It shouldn't take 2 high income people a combined income to afford a glorified walk in closet in the city. Do you have any idea how low a standard that is?
I would also be interested in knowing how many of these younger buyers are getting help from the Bank of Mom & Dad or at least getting them to co-sign. It is offensive how anyone with even a decent paying job cannot afford a home of their own, like they use to be able to and even if you can, the mortgage is now so high they will have very little disposable income left and be debt slaves for 30 years. Of course, if you don't have the BM&D to back you up, you are pretty much screwed and going to be at the mercy of your landlords for the rest of your life. Many people, like yourselves, will always prefer to rent and that's cool but it should be a CHOICE between renting and owning and not something you have little choice in.
Our housing crisis and plunging standard of living is a complete abomination. There is NO excuse for any Canadian living on the streets or going to Foodbanks. When I was kid, tents were for campers and a bank was a place you went to get money. It's truly horrifying to see how far and how fast this country has fallen. Perhaps even worse, people under 40 now consider it "normal" and just a fact of life because they think it's always been like this.