If my rent goes from 1000 a month to 1500 a month from one year to the next, that’s 50% inflation. If it stays at that higher amount for a full year afterwards, that’s 0% inflation. But that doesn’t mean I’m suddenly living the good life. I just went a full year with my rent way higher than I used to pay, and my income did not increase proportionally. I am able to save less (if at all), can’t afford things I used to be able to, and feel just a little more desperate every month.
That’s why looking at year-over-year inflation is meaningless. It doesn’t reflect the long-term hardships that come from a sudden price spike that never goes back down.
BC assessment gives you a nice 10 year graph of assessed values when you click on a property. From what I’ve seen it’s about a 2x to 3x increase over the last 10 years, in my region at least.
I clicked on a random property, but this is typical for my whole city.
Looking at realtor.ca and seeing previous year selling prices vs current price, and having looked at condos/townhouses in 2013/2014 and seeing those same places going for at least 2x now.
I’ve been living in the same rental for awhile so rent is cheap for me, but if I ever have to move its going to suck, and while I can afford to buy something here, it doesn’t seem worth the massive amount of debt for what you get.
It’s disheartening for those who will never be able to buy, and it’s disheartening even for those who could.
I bought a house in 2013. Sold it for twice as much in 2020, it’s probably about triple now.
But looking at house prices and interest rates now, I don’t think I could even buy that first house if I was starting from scratch. I have an extra decade of seniority and (mostly) reasonable salary increases at or above inflation, and I would still be shit out of luck if I didn’t already own property.
That’s not painting a good picture of the future for the next generation, or even those in my generation who waited or needed longer to save.
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If my rent goes from 1000 a month to 1500 a month from one year to the next, that’s 50% inflation. If it stays at that higher amount for a full year afterwards, that’s 0% inflation. But that doesn’t mean I’m suddenly living the good life. I just went a full year with my rent way higher than I used to pay, and my income did not increase proportionally. I am able to save less (if at all), can’t afford things I used to be able to, and feel just a little more desperate every month.
That’s why looking at year-over-year inflation is meaningless. It doesn’t reflect the long-term hardships that come from a sudden price spike that never goes back down.
BC assessment gives you a nice 10 year graph of assessed values when you click on a property. From what I’ve seen it’s about a 2x to 3x increase over the last 10 years, in my region at least.
I clicked on a random property, but this is typical for my whole city.
Thats my experience as well.
Looking at realtor.ca and seeing previous year selling prices vs current price, and having looked at condos/townhouses in 2013/2014 and seeing those same places going for at least 2x now.
I’ve been living in the same rental for awhile so rent is cheap for me, but if I ever have to move its going to suck, and while I can afford to buy something here, it doesn’t seem worth the massive amount of debt for what you get.
It’s disheartening for those who will never be able to buy, and it’s disheartening even for those who could.
It just sucks all around.
I bought a house in 2013. Sold it for twice as much in 2020, it’s probably about triple now.
But looking at house prices and interest rates now, I don’t think I could even buy that first house if I was starting from scratch. I have an extra decade of seniority and (mostly) reasonable salary increases at or above inflation, and I would still be shit out of luck if I didn’t already own property.
That’s not painting a good picture of the future for the next generation, or even those in my generation who waited or needed longer to save.
It’s not meaningless, but like any economic indicator you need to be very careful with the conclusions you draw from it.