Editor:
Re: If young people want to buy a Burnaby house, don’t spend so frivolously, NOW Letters
In response to C. Reed's letter about "young people shouldn't spend if they want house in Burnaby."
In short, Reed's tip doesn't help much, cutting out dining or giving up some luxury items is tiny contribution when saving up for a home now days.
Quick internet search shows that average home price was $100K with family income of $55K.
Yes, Reed is right that income has increased to 100K, but this means houses should average around $200K to keep the same relative percentage and also to account for other life's needs.
That $200K doesn't get you anything in Burnaby, not even a studio. I bet Reed has a detached home, which goes over $1 million easily in Burnaby now, which is 10 times what it was 40 years ago. Family income has not risen to $500K to keep up with this crazy increase in price. Young people have every right to complain about real estate price.
Takaya Ueda, Burnaby
