Household income and professions that can get into Vancouver and Toronto Housing Market
Despite the sky high prices of real estate in both cities, they are both relatively cheaper compared to the housing market in other major cities such as Tokyo,London,New York,Paris,Los Angeles and Geneva.
It’s not just low blue-collar service workers who are being priced out of the hot real estate market.In a recent study done by VanCity the conclusion was by 2025, it found, only senior managers in business, construction and engineering will still make the affordability cut – doctors and lawyers would not.
The greatest intergenerational transfer of wealth in Canada’s history is set to take place over the next few decades.Approximately $1 trillion in personal wealth will be transferred from one generation to the next in Canada between 2016 and 2026, according to estimates, with roughly 70% of that in the form of financial assets. At this rate the only people that will be able to get into the housing market are those who are able to get a loan from the Bank of Mum and Dad and those who inherit assets from their parents or grandparents
For those of us who have always dreamed of moving to Vancouver or Toronto it all seems a pipe dream when you take into account even doctors and lawyers will eventually be priced out of the market.