Everyone who’s talking about how high the Vancouver housing prices are, “OMG these young people aren’t going to be able to afford a house in the city!”
Why SHOULD they be able to afford them? Is it reasonable to say the same about Tokyo? Cities grow, and today Vancouver is an over-populated city with high demand and no supply. Of course the price goes up.
Before we blame the Gen Y of being the “perpetually unhappy,” “entitled” generation, we must stop talking like they are in fact entitled to things. Otherwise, we are giving it to them, letting them down, and accusing them of being sad.
Try asking a young person in Tokyo if they’re crushed about unaffordable single-dwelling detached homes 15-30 min from work. They’d tell you they haven’t even considered that a possibility. What if they had grown up with media telling them they should be able to get a home but the prices are unjustifiably high? They would be sad, disappointed, and angry.
But people can still go buy a home in Sapporo, the 4th biggest city in Japan. Is this fair? It’s in the definition of a city. Just because it’s translated into the same word, it doesn’t mean it has the same definition.
The city of Sapporo is bigger than the following cities combined: Vancouver, Burnaby, New Westminster, Richmond, North Vancouver, Surrey, Delta, Coquitlam, Poco, Port Moody, Pitt Meadows
And Tokyo is 13 times bigger than Sapporo. So, living in the “city of Vancouver” is just as luxurious as the most expensive <1% of Tokyo.
Vancouver: 115 km2
Sapporo: 1,121 km2
Tokyo: 13,572 km2
Now let me ask you. What would you say if your Gen Y niece goes to Japan and complains she can’t buy a single-family detached dwelling in the most expensive 1 % of Tokyo? Me? I would say “Adjust your expectations.”
Gen Y, we are sorry.