Barbara Yaffe has a column in the Vancouver Sun where she points out some of the problems with ‘paper riches‘.
A recent study reveals Vancouverites have the highest net worth in Canada as a result of their pricey homes; so why do so many of us feel like we’re in the poor house?
It’s probably because, with median incomes below the national average, Vancouver residents are grappling with monster mortgages, as well as the highest consumer debt loads in the country.
And while it’s great building home equity, this does little to improve financial positioning until a place is sold and a profit realized.
Read the full article in the Vancouver Sun.