Wednesday, March 05, 2008
What's wrong with this picture?
Take a look at this construction project. Is there anything about it that strikes you as unusual? Because all I can see is a bland, boxy apartment building with an unattractive yellow brick front.
I didn't think there was anything all that special about it when I walked past it the other day. And then I took a closer look at the sign posted out front.
That's right. Starting at $1.25-million (what's it stopping at? $3-million? $4-million?). For an apartment. An apartment!
Everyone knows that Vancouver has the highest housing prices in the country. But this is ridiculous. How can anyone afford to buy a place here?
I certainly can't. Not on my salary.
Moving out to the suburbs is not an option. I refuse to spend a good part of my day commuting to work. It's just not worth it. I want to live in a neighbourhood where I can get everywhere I need to go on foot or by bike. But the only way I can afford to live close to downtown Vancouver is to rent.
I will never be able to afford to buy a home in Vancouver. Not when the average house price is nearing the $1-million mark.
Who are all of these people with their million dollar homes? And where did they get the money for the down payment? Do they supplement their income with a grow-op or a crystal-meth lab in the basement? Or are they simply up to their eyeballs in debt?
Something is seriously out of whack here.