Quote:
Originally Posted by acottawa
Clearly many private sector companies give cost of living increases (maybe this is less common with small businesses).
While it wasn't too far in the past that public sector workers were underpaid, I think the pendulum has swung too far the other way. Unions have become adept at getting extra increments (effectively getting increases well above inflation) and gaming arbitration processes.
And back on topic, these increases are clearly skewing the local housing market. With interest rates rising housing prices should be stabilizing.
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Yes without getting too deep in the weeds on public vs private salaries suffice to say there are a lot of people making at a pretty young age a good salary in Ottawa. In fact in the 30-35 year old age group many seem to be ahead of their counterparts in Toronto (Bay street aside).
My EC5 example was real. A neighbour who said both he and his wife are lowly EC5s so couldn't afford to live in a central neighborhood so would have to move out to the suburbs as they didn't want something attached. A couple of years later they did buy a single family house in Old Ottawa south that was in the $800k+ range. My point is if a lot of these high earning 30 something government workers decide to borrow their maximum our market could really catch fire.
There are also probably hundreds of young millionaires at Shopify alone and if they start cashing in their vested options we could see a burst in the high end condo market.
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