It takes 23 years to save for a down payment in Metro Vancouver

globalnews.ca/news/2722364/it-takes-23-years-to-save-for-a-down-payment-in-metro-van-says-study/

Another study into Vancouver’s housing market has underlined the difficulty young people face in purchasing their first home.

It now takes 23 years for a person in Metro Vancouver to save for a 20 per cent down payment on a home, up from 5.9 years from 1976 to 1980, according to a new report by Generation Squeeze.

The report, authored by UBC professor Dr. Paul Kershaw and master’s student Anita Minh, bases itsfindings on a person in Metro Vancouver making an average full-time wage ($47,178), and saving 15 per cent for year for an average home (which currently costs $812,653).

In comparison, it takes 15.2 years to afford a down payment in Metro Toronto, 14.6 years in the rest of B.C., and 11.7 years nationwide.

“When housing has become so expensive in B.C…the reality is younger adults in this generation are going to have to be proud as being renters for much of their lives, if not their entire lives,” says Kershaw.

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Self bump.

>be canadian
>complain you can't buy a house somewhere really fucking expensive that you never had any business to be
>proceed to wait six months for surgery you don't have to pay for so you can sit in your loft and enjoy canadian bacon and pottage wheels with maple leaf condiments
>a chinese man walks in a buys them off you for 7 million and proceeds to live in the next city over while he owns half the city and leaves every home entirely empty because no one can afford to rent either

You could always just go squatting. Like a 1/3 of those houses have nobody living in them, they're just owned by chinese investment companies.

These Chinese investors really are a fucking plague.

they're good for the dollar

Rise up young Leaf and take back your home. Drown their properties in maple syrup and toilet paper.

the chinks are the problem. we need to tax the nuts off of non canadian citizens buying property in canada. needs to be taxed at 8x inflation and then at least we'll rake in some income

Are boomers enslaving millennials through home ownership?

Think about it. 30-40% of a millennial's income is going directly into rent which is a high profit market for home owners. All home owners are people who purchased when the market was sustainable. Young people are basically forced to pay a very high monthly expensive or be homeless.

Glad I live in a small town. Bought my home for 170k and it's newly renovated and comfy.

>then at least we'll rake in some income
false, they'll simply buy somewhere else

but I agree, china is a problem; it's a problem because they don't play by the rules (money value manipulation, no environmental laws, no labour laws)
we should tax and tariffs countries who don't play by the rules

There's literally nothing wrong with renting as opposed to owning. The bubble is going to crash again soon anyway so in fact its better to not own

burn it down leaf bro. Burn their houses to the ground and get their chink asses out of there.

>Oy vey goy be a rent slave forever.

Communist revolution when?

>they'll simply buy somewhere else
that's the goal. they're driving up prices and making vancouver unlivable for canadians. inflation goes down, tax goes down, ching chongs can buy again.

>Glad I live in a small town. Bought my home for 170k and it's newly renovated and comfy.


What town?

>>complain you can't buy a house somewhere really fucking expensive that you never had any business to be
Dude. As bad as it is it's much worse in the US. Especially with crippling college debt.

>>proceed to wait six months for surgery you don't have to pay for so you can sit in your loft and enjoy canadian bacon and pottage wheels with maple leaf condiments

Be american. Can't afford a critical operation. DIE

>oy vey be a mortgage slave forever

Is 20% common for a down payment?

Why don't you build higher apartments? Ask the Asians to do it. They seem to be good at it.

... and dollar goes down as capital investments leave the country

but then again, I'd rather attract investors from country that play by the rules, fuck the chinks, but we need to do that before we kick the chinks out

If there was a happening you at least need to own a place. Preferably in the sticks or something.

There's 100s of towns across the country where you could do that

>rent condo for 10 years
>pay 1k/month in rent
>10k down the drain

>buy condo
>pay 1k/month in mortgage
>10 years later, sell condo and get back difference between sale and mortgage
>get 10k+ (usually a lot more)

Certainly not in BC.

and if these people were doing business in vancouver, or operating businesses and such, then it would be different, but the vast majority of these people are going to university, or even just buying property and having it sit empty. they aren't bringing anything to the table so we need to force them to bring something to the table. i used to work at a porsche delaership on the coast and 95% of the cars that went out the door were to younger chinks. they're just here for sake of being here, nothing else.

But Vancouver is so cool and hip. It has...bars, and...bike paths. Uh, it's fucking awesome! Yeah!

It depends on your income and what you're buying, but yeah 20% is the most common.
If you have a high income, like $80-90k+ and you're buying cheaper than $400,000 usually you can get away with 10% down.

>capital investments
see

My stupid mom just divorced my dad and has all this money now and just blew 140k on a literally It's like a 300 sqft cardboard home. I can't believe I'm related to her desu.

they still exchange their currency for canadian dollars, and a real estate purchase is still a capital investment. You need to take that into account before making any drastic changes.

>Kids these days are just lazy. Why when I was your age I bought a 25,000 apartment right on the beach.

>buying a house in Canada
maybe you like to cut yourself and like living in shitholes but if a sane person had that kind money you would just move out of the country

CHINESE EXCLUSION ACT NOW

There are definitely towns where you can do that in BC. Probably a couple dozen. Alberta probably has about 30-40 places that would fit that description.

Also, there are legal minimums for down payment here as well
It's 5% minimum for anything below $500,000 or if you're buying $500k-$1mil you pay a min 5% on the first $500k and 10% on the rest. If it's $1mil+ the minimum is 20%.

I live just outside Saskatoon.

What about jobs?

We need NDP up in this bitch. The feds are always fucked up without them too

>10 years at 1k/month
>10k

Go into a good career? Pharmacist, doctor, nurse, lawyer even, trades, etc.

Things aren't going to be handed to you.

>Be Canadian
>appendix explodes
>need it removed
>"sure thing the wait time right now is 4 days eh"

Or even better

>be canadian
>half my country is burning eh

This shit - if not regulated, will increase the urbanisation levels in suburban areas, i.e. suburbia will grow like the fucking weeds in your flower garden, because jobs will still be concentrated in the city itself. Unless some transportation official or the city planners come up with a grand plan on how to drastically reduce the per-person cost for suburban infrastructure (including canalisation, electricity, gas, ..) - this whole issue will rape the regions budgets in the long run.

On the other hand, if enough people say 'fuck this shit' and move to smaller communities because 'remote work' becomes a viable option, these smaller towns might see a boom themselves.

>23 year olds able to afford houses
>Problem

>pay a goy rate for rent
>23 years for a 20% down payment
>pay interest on your goy mortgage for the rest of your life
>die before you will ever pay it off

Hey man, I almost died from my appendix rupturing.

Our healthcare system is a triage system. You wouldn't wait for a burst appendix

Come to america bud.
Theyd fix you up *before* bankrupting you

He's accounting for our rapidly declining dollar, where the money he has now, invested promptly (worth $10k then) will be able to pay the "$10k" a year in worthless dollars for the foreseeable future.

Jokes aside, that's not what happens. Non-urgent care can take longer in densely populated areas though.

>we have a triage system

As do we, but

REMOVE RICE

The US tax rate is nearly identical to Canada's tax rate so it's not like universal healthcare is bankrupting us.

>implying any of us home owners care about this since this already made us rich

Is there anywhere in SW BC that's affordable?

You can get value for money on nearly every other physical item:
Lawn mower, car, tool shed, clothing, pottery, wine, you name it and I guarantee you can shop around and get a good deal.

But with property?
Oh nooooooo. We can't do that.
Property is SPECIAL.
property is MAGICAL

The material and labour costs for most 3-4 bedroom properties will be about 100,000. That covers the physical labour and the actual material used to build the thing.
The rest of the price tag is this bullshit fucking magical "value" that comes from the land itself being about 3hours commute time to the CBD.

Yeah mission, Surrey, maple ridge, delta.

Vancouver, whistler, pemberton, Burnaby, North van and west van are just stupid.

thats because 70% of the homes there are actually grow houses

they are producing millions
how can someone who just want to buy a house to live in there compete

Post 1 ebillion $$ cuckshed pic
I lost it and i miss it
It defines all my interactions with Leafs

isnt vancouver just a knockoff of seattle with just more heroin anyway?

who the fuck'd wanna live there?

A couple weeks ago I had 4 leaflets from different realtors in my mailbox and they all talked about foreign buyers aka the fucking Chinese. One of them was even half in Chinese. These traitors are selling our country out from under us and they aren't even trying to hide it anymore.

Then they get the insurance money and just keep on owning an empty lot, it does nothing to them, trust me I've thought about this a lot.

For some strange reason, the women were really attractive the one time I went to Vancouver

Nothing more cringe inducing then an American trying to use the word "eh" I mean learn what it means and it's usage instead of just randomly throwing it around.

Cant blame them when they are getting offered over asking straight in cash.

A lot of problems are caused by:

1) Incompetent head in the sand liberal party. I'm no lefty for sure, but the NDP's David Eby is actually fighting the issue, and he gets laughed at by the Liberals for being some "conspiracy theorist"

2) Real estate licenses being handed out without proper schooling. A high school deadbeat can write a 100 question/multi choice and fluke out and get 65% and can have their real estate license. Starbucks requires more schooling than that. You have people who don't understand simple economics, who pander to the asian community to screw over local citizens.

Ultimately something needs to be done. The housing market has turned into an investment market for oversea's money. The bubble will pop soon.

>The bubble will pop soon.
I can't wait to watch the disaster.

Also, is there some weird zoning bullshit going on in downtown? Is there a reason there are no skyscrapers? Housing density in the whole metro area is retardedly low

We lack the infrastructure and commuting in Vancouver. We don't have a highway going through our city. We can't sustain that many people here, we are already well over what we should be.

I'm working night shifts while in school and I drive home going Westbound, and traffic is a nightmare for people trying to get to the city from the outer parts of the region.

You have a two bridge drive, if you work in the city, to have an "affordable" two bedroom house.

What are taxes like on these 2 million dollar homes new the city?

Canada is such a cucked country that the only currently acceptable discourse on our current housing bubble is to place the blame on those goshdarned 1%er™ Chinese and not the hundreds of thousands of almost complete shit-tier immigrants flooding into the country every year, driving up house prices, urban sprawl, traffic, and atomization.

You probably pay $100,000 GST on a new home, which construction started after April 1, 2013.

I meant property taxes

Most likely around $8000/year

Oh, that's not that bad for a 2mil house.

>crackshackormansion.com/

Hence why oversea's money can hold on these properties. $8000/year is nothing, when they're seeing high returns.

And it's CAD too

>laughingwhores.jpg

Sucks to be a beta male, Alphas just buy land and build their own house out of the natural resources on the land.

Aren't Canadian politicians in total denial about the Chinese buying up swathes of property and driving real estate prices to the moon?

There's going to be another housing bubble that pops but it won't be here

>tfw entirely own my 125k house

Alphas don't even buy the land.

>dying is better than going into debt

Is it so bad that they're renting out single family houses now?

what do Sup Forums
>starting internship on june 4th
>trying to find a last minute place to live in Oakland CA
>option A: two Indian UC Berkeley students, exclusively involved in Indian fraternity. Seem nice enough, but haven't responded since I asked if they smoke (I do not). Would be living in shared bedroom for 3 months.
>option B: polite Chinese guy. From Facebook it seems he is very into anime and keeps a minimal social life, which I like.
>option C: shared housing with self-described "privileged bodies from white backgrounds involved in social justice activities". Long list of "preferred" characteristics I could easily bullshit. Most meals served are vegan. Low rent of 550 or so
>Old lawyer who asked me questions related to the music I listen to, the beverages I drink, and my career prospects before replying during Craigslist email exchange. Seems to be saying that I can take the place as soon as I put down payment / deposit, will give me prorate (which is nice). 800 a month, I can walk to my job (saving 100 or so a month on transportation and about an hour of my day). In email exchange he sends me a youtube account where he recites tongue twisters.

What do

Lawyer