A boomer-dad is hanging out in Granville Island with his two children, both under 10 years old. They're doing all the things young families do: checking out sailboats, looking at condo construction, and contemplating the future. Says Dad: if I don't buy my children a place to live now, they will be priced out forever.
Picture cuts to a townhouse showing with his realtor in East Van. List price is $340K. It seems Dad thinks it's a good call to buy them a house now and give it to them when they're 25; in the mean time he'll rent it out. His financial advisor [CBC did interview him] said it makes sense for this family, get advice for your own before acting like this. Realtor says, we're selling people a second or third home all the time for this exact reason.
By this time, I've spat my coffee on the TV screen 10 feet away. I always thought the CBC to be the last bastion of unbiased information left in this land; after all it's funded by government and not by commercial revenue. Oh, the disappointment we felt... OK, I'll cut the sarcasm.
Man this boomer generation just never ceases to amaze me. Apparently the first decade of the 21st century was supposed to be the most spendy in history. The second decade will likely prove to be the biggest crash and burn the world has ever seen if they keep this up. But don't worry. This time it's different: everyone wants to be here.