The real problem with Vancouver’s outrageous house prices

[Alex Mackinnon]

Well the options for Vancouver are:

a) make changes to bring housing prices back down to a sustainable rate
b) have a middle class which has a tiny retirement savings and no expendable income

A house isn't a retirement plan, and having a society with a smaller expendable income means we will be more prone to financial shocks and lower employment. While the housing industry does contribute a ton of money to our GDP it doesn't get us anywhere having all our income in only housing.

How many people in the middle class that can take a financial hit and still make mortgage payments? Who has savings anymore when it's all tied up in property?