Posted on 05/13/2016 3:58:53 PM PDT by Lorianne
When it comes to discretionary income, millennials living in Vancouver fare far worse than their counterparts across the country.
The report, No Funds City: Why Vancouver Millennials Have the Lowest Discretionary Income in Canada, found that Vancouver millennials have the least amount of discretionary income compared with their counterparts in nine other Canadian cities.
Among other things, the report also concluded that in 2015, a typical Vancouver millennial household of two earned $72,291 — the second-lowest rate in Canada — while annual costs for an average home in Metro Vancouver in 2016 is $44,354, the highest in the country.
As well, about 16 per cent of families who rent in Vancouver are overcrowded in their current housing arrangement, and the overall vacancy rate for rentals in Metro Vancouver is under one per cent.
(Excerpt) Read more at business.financialpost.com ...
If you think Vancouver is bad, take a boat trip out to Victoria. Last time I was there it reminded me of East Berlin.
The last time I spent time in Victoria I really liked it. On the other hand, it was almost 30 years ago so it may have changed a bit.
Vancouver used to be a nicer city many years ago. I can remember at a town hall on immigration issues that we as the local chapter of the old Canadian Alliance party hosted back in 2002 and we had a retired official from the Immigration Department speak at it. He said that Vancouver is such a classic case of a natural harbour bordered by mountains that there is only so much space suitable for housing.
When all of those people from China and India were let in beginning in the 1970s and 1980s, the ensuing increase in population and overcrowding drove up real estate prices there big time.
Home prices are pretty much robbery everywhere in the U.S. In places like CA, forget it.
My folks bought their first brand new home in the mid 50s for about 10k, *total* price, brand new home, on one income. That same home today, people are paying more than that in just 4-5 months of rent or mortgage payments.
Everything went up except for wages.
That's because women entering the workforce greatly increased the available supply of labor. And anyone who took Economics 101 knows what that means.
They keep voting for the people doing this to them.
Until they make the connection, gonna stay that way.
You’re suggesting it didn’t do any good for the woman to go to work since they just increased the home prices to the point where it wiped out the womens income?
lol...
It’s like all these burger slop joints going automated with robots, saving billions in labor costs.
Ya think they’ll be cutting their prices and passing the saving on to the consumers? Yuk yuk.
Also think about all the extra expenses, like daycare, that come with both spouses working.
But, of course there’s no putting the genie back into the bottle.
Agreed. If you were to criticize the number of people coming into Vancouver from places like China and India (virtually bottomless reserves of people) for the reasons I specified in my post, you’d be branded a wacist.
Plain and simple, we’ve been had in every direction.
Locals started calling it Hongcouver in the 90’s.
Been thru Vancouver back in 2003 and at the airport and parking lot, all I saw was immigrants from the middle east.
These immigrants are known to pack as many family and relatives into their apartments as they can.
Also think about all the extra expenses, like daycare, that come with both spouses working.
But, of course there’s no putting the genie back into the bottle.
__________________
There is a whole new generation trying to put the genie in the bottle because the two income thing can be a rip off.
Many of the Millenials “get it” more than you think.
http://www.mrmoneymustache.com/
This is what my adult kids read.
Vancouver is basically a part of China now as far as I can tell.
“Vancouver is basically a part of China now as far as I can tell.”
The Hong Kong invasion.
.
Canada is having the same problems any socialist state is going to have. In Europe over 30% of young people are on the dole. That’s just asking for revolution.
Another factor - the investor visas.
Up until about 2015, Canada said if you invest a million or more in the country, you get an investor visa - and real estate counted.
Vancouver is in the Pacific Rim, and it already had a large Asian population. So many Asians who wanted a second home in a safe country (plus a relatively safe investment) bought a luxury condo or two cheaper ones. It was an investment to get a visa PLUS place to live if you needed to stay. Vancouver ended up with whole condo towers with almost no actual residents. The city loved it, though, because they paid taxes while hardly using services and fueled redevelopment that generated construction jobs.
It also drove up real estate prices for locals so that Vancouver became one of the most expensive real estate markets on the planet.
72,000 income and a house that costs 40,000.....am I missing something?? That sounds almost ideal to me.
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