Certain messages must from time to time frustrate Vancouver home buyers!
For a few years one message from a major mortgage lender, Scotia Bank, tells you that ‘You are Richer Than You Think.’ Another from Canada Mortgage and Housing tells you that it offers ‘housing market intelligence you can count on.’
Combined the two messages appear as sources offering uplifting counsel . The reality is different!
According to Colin Campbell of Macleans magazine, some people doubt Scotia’s message. Campbell noted in his report that ‘even the Royal Canadian Air Farce has poked fun at the slogan by turning it on its head so it reads, “We’re richer than you think.”’
CMHC’s ‘housing market intelligence you can count on’ latest report included this graph.
According to the graph if one compares the income levels required to own a home in Vancouver to the income levels of Vancouver home buyers a contradiction exists that suggests the Vancouver homes buyer’s notion of being rich will be summarily disposed in the trash.
Vancouver’s Home Buyer Slogan
The messages of Scotia and CMHC when compared to the income reality faced by Vancouver’s home buyers and their ability to afford a home assaults your senses.
Market insight instead suggests that a great number of Vancouver home buyers when looking at their net pay cheque will adopt a slogan of their own making. It is one word, simple, well known and direct. It is ‘Frustration.’
Graph Image Courtesy CMHC
“You are Richer Than You Think” ©Scotia Bank