farlinax

Hi Rob, long time Globe reader first time poster.

I can't stress how crazy the millenial job and real estate market is in Vancouver - I earn 0.5%er income, and nearly all my professional friends under 30 (not those 35+ who benefitted from getting into the market) are living in parents' basements or in situations that our US colleagues simply laugh at.

Given that Asian capital flight isn't exactly going to slow down anytime soon, all levels of politicians' voters will never vote against decreasing house prices (thereby keeping existing policies and regulations mostly in place - despite cosmetic "studies") my question is: if we can't beat them in Vancouver, should we just join them? It doesn't seem like this craziness is ending anytime soon, as no major macro conditions in Canada will really rock the boat in Vancouver.

Should we just leave and seek affordable lifestyles elsewhere? This seems to be an increasingly attractive option.

"... our US colleagues simply laugh at" - read this as my colleagues with the same role as I and same pay have inordinately better living conditions and options.

Affordability in Canada IS that bad.

Thanks @rcarrick.. as a follow up, do you think Vancouver is "dead" for millenials? What would you like to see in terms of regulatory changes?

Thanks

FYI: The Economist has a great article (today or yesterday?) explaining why active managed funds are experiencing huge outflows, and Vanguard, Blackrock, etc. are picking up that cash.

So, I spoke to a very-well connected economist with ties to the BC Liberal government, and he basically said: 1) Chinese outflows of capital are only increasing as Xi Jinping clamps down on dissent and corruption (and instability grows) - see this week's cover of the Economist as well 2) Liberals, Feds, and the Mayor have their hands tied to actually doing anything, because the voters - older people - are those whose house prices have skyrocketed - and millenials don't vote in Municipal and Provincial elections. The politicians won't implement policies that would go against these older voters and their political contributors (developers, realtors etc)