If house prices are so high then who is buying houses? Well the only people who can afford houses right now are literally the wealthy boomer parents,equity from previous real estate or extremely high double income earnings. And the ordinary families who are lucky enough to own a home are most likely living paycheck to paycheck. "I'm living month to month, that's what scares me. That hasn't happened to me since I was 14 and working at the mall." Mathew Miyagawa saved enough money to buy his first Vancouver condo three years ago. He bought it for $250,000. Oddly enough this would be considered a steal now. However, the mortgage rate is so high that he is living month to month. So even people who can afford to buy a house are still struggling a whole lot. Drug Money? Another thing that struck me was in an article was the fact that drug money is also "making its way into B.C real estate." 9 luxury homes worth over 6 million in Vancouver were seized due to crime legislation.
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