To own or not to own

I read the chinese newspaper yesterday about the latest on our housing market. The article talks about how first time home purchase will be tougher and tougher for buyers and possibly a chance of not even being able to afford one with the market raising so rapidly in BC.

Then today on MSN, a survey came out telling us which Canadian cities have cheaper housing market which ones have the highest. Guess what, our BC province made the top 2, Vancouver being the no.1most expensive city to live in. If you want cheap houses you'll have to think about residing in Thunder Bay, Ontario. Should we be thrill that our market is so hot that it top the chart? With the speed of our market growth, what's going to happen to the next group of first time home buyers? I don't see a hugh increase on our salary but the property prices are sky-rocketing.

I remember when I first came to Vancouver back in the mid 80's, an average brand new Vancouver special(people lived here long enough should know what type of houses I'm talking about) cost approximately $180,000.00 to possibly mid $200,000.00. Then 20+ years later you tell me I can only buy half a condo with that price?? Does that mean the potential first time home buyers can possibly turn to rentals only if there's nothing out there they can afford? Or can we only make such big purchase with the help of either your better half, your family members or perhaps a group of friends?? People, better get with it or else you'll always be stuck in that old smelly basement. Now, that's not a very happy thought....