[mistermann]

In Canada it's very similar, LOTS of people are millionaires simply from massive real estate appreciation. Vancouver is particularly shocking, but all of Canada in general has seen huge appreciation. Basically, we had the same bubble as the US did, but ours didn't burst in 2008, it just paused and then kept on going. It's kind of funny reading how after the fact, everyone knew the US bubble had to burst, yet the affordability ratios in Canada are far beyond those of the US at its peak and almost no one bats an eye.

I really feel sorry for people who are merely middle class or not in a marriage where both people have professional level incomes, I just don't know how they can afford anything reasonable in this market. And personally, I thought I'd do the smart thing, rent and live modestly and invest the difference - after all, minimizing your housing expenses by living in 700 sq ft instead of 2500 sq feet should be the financially wise thing to do, right? As it turns out, no, that was EXACTLY the wrong thing to do....the right thing to do was borrow absolutely as much money as possible, and buy as much house as you could afford - anyone who did that is laughing all the way to the bank.

As for retirement for me, I am slowly coming to the realization that I will never be able to retire, ever, whereas my parents retired in their mid 50's.