“My parents own a million dollar house in North Vancouver and a quarter million dollar apartment in Lower Lonsdale.
How about a couple hundred bucks a month to help out on rent so I can afford to live in the city where people like my parents have skewed the prices?
Not a chance.
It’s more fun to blame the Chinese, but really what went wrong in Vancouver is the baby boomers bought up all the property, drove up the prices, and drove out the lower class, including their own kids.”
- Iain at VREAA 9 Nov 2011 10:20pm
We are in a speculative mania caused largely by locals buying as much RE as possible by borrowing at very low rates, leveraging and overextending themselves.
Iain’s parents may look innocent enough, but if you consider their age and the percentage of their net-worth in RE, you’ll see than many in this position are very over-dependent on RE for the fiscal health of their retirement. – vreaa