Quote:
Originally Posted by YOWetal
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.
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I have the opposite impression. It seems to me a lot of government recruits are older, and it takes several years to get into the system, get promoted, etc. And there are not a lot of 30-35 year olds with money to burn.
I am also not sure your DINK neighbours are very typical. Even if they are at the top of their salary band, mortgage and property taxes are going to be over 50% of take home pay. I am not sure many people want to be that stretched just to live in a prestigious neighbourhood.
But clearly we know different sorts of people.
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