That's hilarious because I compare the price of a large pho to inflation too . Can't get a decent bowl for sub $15 at most places.

Minimum wage = 1 bowl of decent pho or 0.5 Bubble tea.

$100K in 2022 seems to feel like $65 - 70k in 2010 and $85K in 2018/19. For me, I think the new "$100K" goal is around $140 - 160K/Year, where people feel that financial comfort. It would also be ideal to have $5 - 15K of that net income coming from investments that are more tax efficient.

If you measure against housing prices yeah it's going to suck, nothing is going to go up 20% year over year. Take housing out and it's not THAT bad,

With 3.7M I rather buy my own lot and build, but I totally understand why someone would spend that much $ on that house.

There are a lot of things to consider. Location is important, and many people have a very limited area in which they would prefer to live in (ie. friends, family, work, schools, convenience, etc). There's the question about timing, and what is actually available on the market that meets their requirements.
I hate corner lots, yet I bought a house on a corner lot because my other options were slim/none when I bought. Yes, there are power lines, and the pictures are misleading, but none of that matters in our market. There isn't enough supply available to be picky.

Our clinic director is building a house right now and he's paying close to $300 a sq/ft for a 5,000 sq/ft home in coquitlam. So at that price he's paying about $1.5M. Based on that I think you may be on to something.

When a detach sits for a month.. it’s usually no good.

This is my view on it.

Household income:
$100k = upper lower class
$150k = lower middle class
$200k = middle class
$250k = upper middle class
$300k = lower upper class
$350k = upper class

If you're single and you make $120k a year, that's great, but in reality, $120k is nothing if you're by yourself. You need to get a partner ASAP.


Most people have a cap on how much income they will earn, which means if you want to be financially free, you don't have a choice, you need to increase your level of risk. If you don't increase your risk tolerance, you're not going to be able to achieve your financial goals. So you better up your financial literacy otherwise you're going to be at the poverty line when you turn 65.

The crazy thing about your list is, a 250k household puts you at like top 2-3% in Canada, and that's only upper middle class in Vancouver.

Just by random conversations last week, I've been using the standard BBQ duck and pork on rice.

Most places are $15-17 for a plate now, when not long ago it was in the $10-12 range.

I'm starting to think gross income means nothing, as most people won't make more than $150k in their day jobs. Plus more you make the more taxes you pay. I think having a proper savings plan and investments is more important now a days, especially with such high inflation. Perfect example is real estate and the market. I'm sure everyone who owns a property on here has made 6 digit gains in the last few years. There's no way a regular employee will receive that much more salary increase over the same period of time. Unless you bust your ass and sacrifice your work life balance.

I'm starting to shift my perspective of working harder for money Vs letting money that you have work for you. As the harder you work is not making you rich it's making the company that you work for rich. FeelsBadMan

I think trying to build net worth is a higher priority than hope to slave my way up the corporate ladder.

Most need both. You need to slave away long enough to increase your salary so you are able to borrow enough $ to buy into an asset like housing, or be able to max tfsa,rrsp & develop a significant investment portfolio to be able to generate enough income to accomplish what you are referring to. Both require income to start.

Personally, my goal is to own my own property and be debt-free by the time I retire + a decent 6 figure investment account. I can't imagine having to pay market rent in my retirement years. An avg 1 bd condo is 2k/mo today, and in 30 years will likely be significantly more. Let's say it's 2.5k/mo for argument's sake. $30k a year * 20 years = $600k for a roof over your head. Sure, a 1bd basement suite will be much cheaper (say 1.5k/mo * 20 years = $360k), but I don't think that's how any of us envision spending our retirement years. Then you add your lifestyle costs on top of that, and the math becomes scary very quickly. Even if you have a very modest retirement and only spend $1k/month, 20 years = $240k. So in my 1bd basement rental suite example, you will need $600k (either as a lump sum or a mix of a lump sum/income stream) to retire if you have to pay rent.

$300/sqft out in Coquitlam will be a pretty sweet custom home. His lot value today is probably worth ~1.8m + 1.5m to build = 3.3m. If it's in harbour chines or Central Coquitlam there's a good chance I've walked my dog past the house before lol.

Well we have the fortune (or misfortune) of living in Vancouver, a playground for the wealthy, so it's not a fair comparison and even high-income households get shafted if they don't have support/help from family. I'm sure plenty of people here know families with a net worth of 8 figures.

I call that the HK BBQ Master Index. I remember I used to pay 10.95 for a 3 meat plate and now it's 16 or so. Still worth it though.

https://www03.cmhc-schl.gc.ca/hmip-p...erageAndMedian

Median household income (the most common income) by areas in Metro Van. The neighbourhood breakdown is kinda weird - guessing it's grouped by postal codes but gives you an idea - most neighbourhoods are around the 60-85k range for household income which is WILD. Metrotown is $50k!!!

I can't find the specific data point but about 16% of working Canadians make over 100k/yr. If you're individually over $180-200k then you're basically a 1% - if both earners make over $350-400k combine then you're a 1% household.

wow$300 / sq ft right now seems pretty hard to come by. Yes, you can have it build by some asian contractors but you do get what you pay for. I think a good 330-400 is a good gauge esp with the stock and supply situation.

Yea 300 is kind of the base for building costs these days.

300 today probably gets you what 240/260 got you 10 years ago

How old is that data? Metrotown area is really weird as it's going through a huge transformation right now. I wouldn't be surprised if median income was even lower than 50k and in the 30k range if you go a decade back. The chunk of blocks south of the mall and north of Imperial was basically all "lower income" low rise rentals.

Even south of Imperial it's not particularly wealthy as there are a lot of ppl who've been there for decades and bought in when the houses were in the low 6 figures or even 5 figures. You can guess all that because while there are a few new monster houses on 6000-8000sqft parcels, there are a lot of older non updated, not particularly well kept houses where people either don't care, don't have time to care, or don't have money to care.

Reading into the data some more, you can see the a lot of the new areas/higher density new build areas all have fairly high incomes while the older areas are significantly less, to the point that it doesn't make sense for the home prices. It's a lot to do with the demographics. Also of note are the discrepancies between avg and median incomes.

https://twitter.com/pierrepoilievre/...425714185?s=21

Even the Cons are piling onto cities who are blocking housing. I find it hilarious to hear them side with the working class - how stupid do they think I am?

I'm looking for a Federal politician who will ban SFH-only zoning across the entire country. There's no good reason why a piece of land should be restricted to ONLY a detached single family home.

Pretty sure this has not been updated since 2016

I think it's from 2016 as I couldn't find anything from the latest census (2021) that was as detailed.

2016 was a very different time. I make more than double what I made back in 2016. I was just getting into our first home and getting married. Life was simpler :lol

my peasantry is confirmed :okay: FeelsBadMan

You can always sign up for serfdom at PeanutButter’s future presidential palace

I'm below PeanutButter's poverty line.

Look at Richmond, probably one of the lowest household income in the lower mainland. Household Income:Housing Prices highly dis proportioned.