EDITOR,
Re: "Squamish's first $2 million home sold," Chief, Sept. 16.
The sale of a $2 million property within the District of Squamish is a poor indicator of the value of local real estate. The article omits a lack of sustainable jobs, record low interest rates, an oversaturation of residential development and record high family debt levels.
In a hypothetical situation in which Obama were to run in our municipal election, he would have a very good chance of winning on the policy of job creation. The majority of Squamish residents either commute out of town to work or work from home via the Internet. Some single parents have moved to the city; they are unable to balance raising their kids while having to commute to work. Despite the greater number of homes in our community, school enrolment is down in elementary schools. Families cannot sustain themselves in this community.
Can Squamish real estate survive off of a demographic of rich people and young adults? Possibly - if the low interest rates remain low, that is. But if they rise (which both Mark Carney and Jim Flaherty have warned will happen), any people in debt will be unable to meet their mortgage payments. The number of people able to afford real estate will dwindle to just the rich and this oversaturated market will finally come down from its superiority toting pedestal.
Brett Ellis
Squamish
P.S. - I think we all know how I voted for this week's poll.
