Quote:
Originally Posted by Truenorth00
Housing was unaffordable before 2023. Long before 2023.
Those gains haven't reversed.
Go look up average one bedroom and two bedroom rents these days. There are places in this country you'd need to have a six figure income to just meet the ≤30% income on shelter rule.
I don't think most people genuinely understand how bad it is for young people today. And if you're 25, the last two years are 10% of your whole life and a quarter of your adult life. Of course that perspective is going to be different.
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Interest rates were so low in 2020-2022 that housing was very affordable. Yes you needed to do like most people and saved during the pandemic and not ordered Uber Eats every night and splurged on revenge travel and WFH from Bali.
Yes if you are 25 looking at 5% mortgages and $900k townhouses it can seem hopeless. As you say their memory is short. Especially because they assume another doubling of prices by 35. But those that saved from 25-30 have been able to buy into the market for the past 30 years at a record level.
Debating how bad or not things are isn't the key question. It's what policies will make things better or worse. Rental prices are coming down partly because the Liberals have super charged corporate rental construction with CMHC loans but mostly because of falling immigration. Newer entrants to the workforce are always going to be the most negatively impacted by immigration but to use your word it's more about vibes where the boomers who demand less immigration and the Gen Z who grew up with and embrace it.