this post was submitted on 12 Jul 2023
186 points (98.4% liked)
Canada
7113 readers
340 users here now
What's going on Canada?
Communities
π Meta
πΊοΈ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
ποΈ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
π Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- MontrΓ©al Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
π» Universities
π΅ Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
π£οΈ Politics
π Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Who's getting paid a lot of money? I was under the impression everyone's been getting paid shit for the past 30 years and things keep getting more expensive.
By everyone, I think you mean at the lower end of the pay Spectrum. Minimum wage hasn't kept up for the past 30 years, but as you climb higher, the pay has certainly skyrocketed. And it's these people that drive up the cost of housing. If everyone was being paid like shit, house prices wouldn't have skyrocketed.
In 1980, a person making minimum wage could afford a house and a CEO coukd afford 5 houses. Today, minimum wage makers can afford 0 houses, while the CEO can afford 20. On average, house buying capacity has gone up Imo. It's just the split that fucks over the poor people.
Mortgage rates in Canada were running over 15% in 1980 and peaked at near 22% in 1981. Minimum wage was about $3.25 depending on province, about $11.76/hr in today's money. They weren't buying houses. A lot of people were absolutely slammed if they had to renew their previous 11-13% mortgage at 22%.
There's a bunch of other factors involved too. Median house size has doubled since 1970 (1200sq ft to 2600 sq ft), restrictive zoning and forcing contractors to also develop single use subdivisions puts their costs up, and promoted higher margin developments. Also, the feds and provinces have drastically reduced the construction of public housing.
Interesting stats. I just really hope to one day be able to buy a small home with a little garage and a workshop for tinkering. Maybe the sun has set on that opportunity in this country and I'll be crammed into some sort of post apocalyptic japanese pod hotel in a neighborhood that looks like district 9. Federal political parties plz halp.
it's not even CEOs as a class. It's a tiny percentage of the CEOs of the largest companies, and even the richest Canadian CEOs are chump change compared to the "globally wealthy" that have real power. The richest Canadians, who don't work as CEOs, aren't in the top 2000 global wealth.
CEO is a job. Rich people don't have jobs. They make their money by being rich, raking it in under ALL economic scenarios.
Mortgage rates in Canada were running over 15% in 1980 and peaked at near 22% in 1981. Minimum wage was about $3.25 depending on province, about $11.76/hr in today's money. They weren't buying houses. A lot of people were absolutely slammed if they had to renew their previous 11-13% mortgage at 22%.
There's a bunch of other factors involved too. Median house size has doubled since 1970 (1200sq ft to 2600 sq ft), restrictive zoning and forcing contractors to also develop single use subdivisions puts their costs up, and promoted higher margin developments. Also, the feds and provinces have drastically reduced the construction of public housing.