Contrast this with Vancouver or Toronto where the price is real estate is sky rocketing at an alarming rate. Vancouver has had to slap on a 15% foreign buyer tax to try and cool a market where bidding wars are not unheard of and where houses and condos remain empty waiting for their foreign owners to move in. Meanwhile local potential buyers are left out in the cold as prices soar.
A young professional couple in this scenario is in trouble and they needn’t be in a hurry to purchase since owning property is increasingly becoming a pipe dream. Part of the problem is that widening global income disparity is giving that upper crust the flexibility to outbid in any market.
Central Toronto contains tiny bungalows that are now going for close to $1 Million dollars in a city where gridlock has become the norm and commutes to work can take well over an hour. As the search for cheaper homes drives urban sprawl, the likelihood of a reasonable regular commute becomes untenable and impractical.
American cities like New York and Los Angeles have long suffered this problem and there are others all over the world where the cost of living there has become astronomically high.
All of this has caused a shift in urban planning and forcing transport authorities to develop options to meet the demands of their shifting reality. In turn young graduates are opting to abandon the nuclear family concept in favor of more flexible working hours to offset commute issues as well as adopting more entrepreneurial ways to develop careers in a world where company loyalty towards the employee is no longer guaranteed.
Just another sign of the times.