The CBC has an article looking at the situation for middle-class home shoppers in Vancouver BC. They’ve noticed that incomes have dropped since the 70s while prices have risen.
So if you’re middle class in Vancouver you’re either priced out forever or something is going to change.
From that article:
Lawyer Nathan Hume and health researcher Angie Chan live with their two young children in a rented two-bedroom apartment in Vancouver.
With two good jobs, they had hoped home ownership in the city would be within their reach. But sky-high prices in Vancouver have left them without any options.
“We have a number of friends who are in the same situation as us — highly educated, they’ve got good jobs, they have young kids, and they’ve all left the city,” said Chan.
Hume says it is likely they could get a mortgage to buy something, but they don’t think that’s smart, when it would mean foregoing savings for retirement and their childrens’ education.