Dear editor:
Re: Full Impact of Money Laundering Hits Home, May 17 Mailbox.
The letter to the editor by Suzanne Brewster is very well written and spells out exactly what has occurred in what used to be a housing market in the Greater Vancouver area and what is now a commodity market.
What used to be a home to raise a family in is now commodity - to be bought and sold by wealthy people, many of whom do not live here and do not pay taxes here, or in many cases, do not even live here.
Our first family home was bought in North Vancouver in 1974 for $37,000. The same home now has a market value in excess of $1 million, providing an annual increase in value of 7.5 per cent.
The minimum wage in B.C. in 1974 was $2.75 an hour. The minimum wage in 2018: $12.65 an hour.
Had the minimum wage kept pace with the increase in value of homes, the minimum wage would now be $80 an hour.
Food for thought.
Michael Trigg
West Vancouver
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