The following comments found below the article ‘Would-be homebuyers shocked at Vancouver prices’ [CBC.ca 12 Mar 2012] that deals with a local couple with $315K to spend seeking a 2 bedroom condo somewhere in Vancouver:
“I read the comments here [at CBC.ca] and it reminds me of what everyone was saying 20 years ago…it’s too expensive, nobody can afford it…
20 years ago we bought in E Van for 300 grand, at 12 percent interest! That was a mortgage of 2700 a month. The same money today pays easily 600,000.
Give up all the crap you don’t need like car payments, vacations, fancy restaurants, fancy clothes, electronic this and thats and you’ll have the money.
It’s just a matter of priorities. How bad do you REALLY want a house in Vancouver?”
– kdrkim, 13 Mar 2012 12:44pm
“No sympathy here. Part of being an adult is making sacrifices. Everything you want isn’t always in your budget so you have to decide what is truly important to you and go after those things rather than sitting there complaining about how it’s someone else’s fault.”
– nsrv726, 13 Mar 2012 12:46pm
“I would like to be able to have this in East Van? Is that too much to ask?”
“Yes, that is too much to ask.
You want a Mercedes at a Chevy price. And yes, that is too much to ask.”
– CBCFanzine, 13 Mar 2012 9:28pm
“I think it’s unfair the cost of Ferraris are out of my reach. It’s not fair that I have to settle for a Honda.”
– ClosetIguana, 13 Mar 2012 8:18pm
“According to the graph he is making considerably less than the median income and he wants to live buy a place in downtown Vancouver or East Vancouver so he can be ‘be close to his friends’.
He thinks like a 12 year old haha.”
– cbcbcc, 13 Mar 2012 6:36pm
“Buddy has a choice to make: get a job that pays more money or move to a community he can afford. So tired of these whiners. Why does CBC put these ‘entitled’ people on the air? This guy is no victim.”
– jawardwinner, 13 Mar 2012 2:30pm
These comments headlined here for their common theme, that of “Those who complain about high housing prices in Vancouver simply have unrealistic expectations”.
The statement is disarming; it makes those who point to the housing bubble seem like spoiled children, they stand accused of being “entitled”.
This is convenient for those who seek a continuation of the status quo. The implication is that folks should stop being critical and get with the program (and prop up the market). The proponents often encourage prospective buyers to “work harder” but, of course, what they really mean is “borrow more”. Housing prices in Vancouver are most definitely not driven by earnings, they are driven by high leveraged borrowing.
Bubbles, by their very nature, overtly and covertly ‘conspire’ to perpetuate themselves; it’s hard to criticize them when they’re underway without looking superficially like a partypooper or a whiney brat.