A recent article in the Capital Daily outlines how the housing crisis is eradicating Victoria’s middle class.
Throughout British Columbia, the average rent and mortgage payments exceed what many people can pay.
“What’s been happening over the last 10 years is that the share of homes bought by first-time buyers has been declining, and their market share has largely been taken over by investors,” said John Pasalis, president of Toronto-based Realosophy Realty, told CBC News.
He added that, contrary to what many believe, the lion’s share of the investors were domestic owners who purchased a second home as an investment.
Continue reading Reflections on the eradication of Canada’s middle class