Just two more signs of the changing times.
A Facebook site: Foreign Investment in Vancouver Real Estate
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And this initiative from VanCity, which is getting very edgy on this housing issue:
Metro Vancouver is consistently named one of the most livable places in the world, but it’s not great for everyone. We heard from you what it’s really like from your perspective.
You told us how housing affordability, the environment, and social inclusion are affecting you and how you’re managing. We want to hear more, so submit your video and tell us why you’re not giving up.
I wonder if VanCity (and other local credit unions) are hurting. Have a large number of Vancouver young adults have given up on buying completely and, hence, not getting mortgages? Local credit unions have all their eggs in one housing market basket.
Anyone have stats on the number of first time buyers? Is it going down, up, flat?
If anything it’s the exact opposite. Anyone that is young and buying is mortgaged to the hilt. You don’t get a city in record debt with record transaction prices without stupendous mortgages.
The banks and CUs are only exposed if people start defaulting.
Personal debt loads are at a record high. The cost of borrowing is at a record low. Too many people are at risk of default even with modest upward ticks in interest rates.
However, there are many Millennials who defy the stats, and that is mainly because they have remained single well into their late 30s and do not have wealthy parents. Even with affordable rates they do not qualify for a mortgage, and they keep their rental apartments and spend their money on travelling and in bars.