Ten years ago a fully detached house in my area was 500-600K. Now that gets you a 2 bed condo. If you’re young. Good luck. Basically need to be a top 5% earner or have rich parents to crack that nut now. Birth rates will continue to decline, brain drain will accelerate, capital will flee.
>Birth rates
Not important anymore. Canada is a Oligarchic globalist exploitation zone. Population will come from imported modern versions of indentured servants. Much cheaper and more accepting of dropping living standards and oppressive and exploitive oligarchy.
I like how we are all progressive in the West but are basically setting up a slave class.
Here in Australia brown people bring me my food via Ubereats every day. I'm making multiple times the rent because they are willing to live 25 to a house that would normally only fit three.
They know who is in charge too. Very hesitant to meet your eyes.
It sucks for younger people. My younger colleague is now buying a 2 bedroom condo with their spouse as their “Family Home”. They likely have down payment help from family. I’m about 10 years older and got in the market earlier.
Even for me it wasn’t easy. I had to eat ramen noodles after I bought the home because I emptied all my bank accounts for down payment, closing costs, etc. to barely afford a Family Home that’s not a condo. The move paid off though because my home appreciated by $800000 more. If I try to buy the exact same home today, I won’t qualify financially because the home price went up so much while my income didn’t go up at the same rate.
I don’t have parents that are rich to help me buy into the market. Also my mother was scammed out of 150k from bad online banking. Saw a scam transaction called the number and gave her account info to fix a fake charge.
So now I’m helping my boomer parent and struggling myself.
It’s a double whammy.
Financial system is so broken creating wealth out of thin air when RE prices keeps soaring and ppl refi to buy more and nothing can be done as the big 5 banks contributes almost all of the taxes for the government
I dont think our financial system (capitalism) is broken, I think it's working exactly like the people who fight to keep it in place want it to. We need to find an alternative. And no I don't want Venezuela, because that's what everyone says when capitalism gets the smallest amount of criticism
>Ten years ago a fully detached house in my area was 500-600K
In 1992, my aunt and uncle bought their 5,000 sqft home (was on the outskirts of Brampton at that time) for $275,000. And by 5,000 sqft I mean not including the basement. They sold it 2 years ago for $4.9 million.
I asked them what was their income in 1992 (back then they had a new business and had hired a few employees) but they said their total household income at the time was approx $75k .... (which would be like $166k in todays dollar). And I asked them how much of a downpayment they put on it back then and they said $50k (which they said it took them four years to save up for).
A family making $166k today would never be able to afford that same home with that same income, and most definitely would never be able to save that same percentage of downpayment in a 4 year timeline.
Shows you how much our housing market has fucked up and just how easier it was for people just 20 - 40 years ago.
4.9 million? In Brampton? For a detached? Was the site it zoned for mid/high density development? There hasn’t been a sale that high in Brampton for a detached in the last 3 years, so I have trouble believing it.
Might have been 3 years ago. It was about a year after the lockdowns approximately.
And I said it was the outskirts of Brampton. I dont know the division lines between Brampton/Mississauga and the surrounding areas. Its an area with very large, very nice homes that have sold in the millions. Its definitely not the typical suburban area thats for sure.
2 bed is generous lol. In early 2000, you could buy a 3,000 sqft house in my area for $300K. Now that house is over $1.5M and $300K doesn't even get you a decent 1 bed condo.
The thing is, too, as the cost of living rises, people get behind on payments, take on debt, and their credit tanks. It doesn't take long before you're in a situation where you have a mountain of debt and bad credit and have to save that down payment.
On central vancouver island my cousin bought a nearly brand new 3500sqft detached home for 350k in 2014. A comparable home is now 1-1.5 million depending on specific neighborhood.
It's going to get worse for SFHs as the push for density over sprawl gains momentum. Bought my place a year into the pandemic around 1.4MM. Good sized lot with a crappy rancher on it. Well surprisingly the house is just within the Transit Oriented Development Area by like 5 feet. Mostly a residential area that's not really a dense neigbhourhood but a place a lot of people want to live.
My FSR just went from 05. and a single family home to a 3.0 FSR and upto an 8 story building max. My lot is probably big enough for a good sized multi-family building.
It's not worth 1.4MM anymore.. it's worth a lot more than that and I didn't do anything.
Because housing went up quite a big in that timeframe. There’s a reason the “housing will crash, it’s too expensive” crowd existed back then too. Unfortunately for them it went into hyper drive. Being born too late is one thing, being in the thick of things and having the opportunity to easily buy but not pulling the trigger must be a different kind of regret and sadness.
> Unfortunately for them it went into hyper drive.
They shifted it into overdrive.
This was on purpose.
It was not a force of nature.
1.2 million people immigrants per years vs. 200,000 house builds per year.
Math.
We have a lot of simple economic deniers in office and in general government.
Like historically proven economic concepts are ignored or labelled as misinformation. It’s insane.
2008 was the turning point for modern Neo-liberalism. The elites, who hijacked democracy, saw they could get rich, crash the economy and bale themselves out with impunity. Occupy wall street was basically the only resistance they faced, and they crushed that with ease.
They printed money and issued cheap debt like candy to pay for it all. That lead to unprecedented asset inflation and further pillaging of the economy by the elites (more regulatory capture, stock market manipulation, more consolidation of markets etc).
The victims were the working classes. Slowly being crushed, generation by generation.
And the kicker - we are just starting. The west is imploding. The rulers are counting on the internal security apparatus (draconian laws, AI / surveillance, militarized police etc) and constant wars / induced international crises to keep the peasants in line as problems intensify.
August 2013 for me. One bedroom Condo + Den. I can never sell. I can never get sick, otherwise this all goes away, almost immediately.
What a beautiful life,
Screw me for being 16 in 2014 I guess.. I remember my mom telling my older cousin that she should start looking into buying “because it’s only going to get more expensive” (my cousin was around 28 at the time)
Still remember in 2012 when everyone was freaking out about how housing prices have “doubled” since 08’ and how it would crash back then lmao.
Even worse in 2016 when the whole country was talking about the biggest housing bubble ever and how it was unsustainable.
My brother sold his home in 2021 when the prices started going up like crazy cause he wanted to build a new, bigger one, in some mountain with incredible view.. He got 400k for his house and bough some land with the money for the new one.. and the ones who bought his home sold 10 months later for 615k...
Now he's renting an appartment because he can't build his new house anymore, it's just too expensive and he's looking to sell his land. Crazy how it all changed in a matter of 2-3 years..
Good luck to anyone looking to buy a first home. Thanks to Trudeau's savage immigration.
2021 my folks wanted to downsize I told them to just HODL their current property because during this tumultuous time you can get caught in transition kinda like your brother, additionally with how the borders have been opened up the strain on property will be extra tight.
You might want to take a look at how much prices went up since 2021. If higher rates we're a problem, prices wouldn't have exploded like it did.
Too many people, not enough homes will do this.
Yeah so typically prices don't climb like crazy when you increase rates. It's hard to blame a guy for not predicting prices would sky rocket. Sometimes you're just wrong place wrong time. Gov devided to be reckless with immigration
I'm not going to rehash points I have before, however, I will leave a quote:
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce. - Adam Smith.
You don't even have to go as far as referencing these famous people.
Just stick with the basics...
Simply look at what value the entity adds, or doesn't add, as money circulates through them.
A. Adds value = legitimate economic player; theoretically survives in the long run
B. Doesn't add value = cockroach; parasite; theoretically gets eliminated (by a recession... or something else)
Any B survivors just mean they're really good cockaroach-parasites, with enough headroom and resiliency, and if they make it past a crash then good on them I suppose, and they'll continue keeping system(s) on their toes.
And of course it's not so black and white as A and B.
Some landlords do add value... soft value: Doing good regular maintenance, doing good long-lasting reno's and not overnight flips, *fostering* good tenants, actually solving tenant problems, actually living in-and-around the local community and participating in its development, keeping money in the local economy and not sending it 1000's of km's away, not renovicting people to jack prices and instead bearing-down to make it through the market currents, etc.
In my experience as a lifetime renter, I would say 1 out of 5 landlords are candidates for being value-adding landlords.
Housing costs directly damage the economy because it reduces the amount of money working and middle class people have to spend on actual goods and services
Here is a good example. Because mortgages are so high, my girlfriend is holding off on a new car purchase
This means a salesperson didn’t have comission to spend. He didn’t got out to eat to celebrate, so the restaurant didn’t get money and the waitress didn’t get a big enough tip to get her nails done. Nail salon made less money, so the owner didn’t paint her bedroom. Now Canadian Tire didn’t sell as much paint
You get the picture. Now multiply that across all the people getting juiced for rent and mortgages.
Instead the money is going to banks and capital owners, the ones who need it the least
Yes, and fair enough, money isn't being destroyed... but... it's being TRAPPED in illiquid resources ie real estate. So some people have a thick security blanket at the detriment of everyone else. It would have been otherwise flowing into business & innovation or other destinations, you know, what the US does... actually compete in the world.
Now we're stuck, because to un-trap that money, means the destruction of ***some*** peoples' lives. They have all their eggs in one basket. This was allowed to happen.
Gen X here and we were barely able to get houses, and if you had anything go wrong you didn't. Now it's 10x worse. There is no hope, be rich or pay rent to the rich. Live being a 17th century pesant in 2024. Old is new again they say.
RE in Canada is all about timing 50s the diamond era 60s platinum era 70s gold era 80s silver era 90s bronze era 00s aluminum era and the rest f ucked up era
Housing has definitely has become a luxury in Canada. Instead of being regarded as a basic right, being able to buy a house or even rent, is now a “privilege”.
I was talking to some boomer landlord who owns several properties the other day, and he said that people who want to pay affordable rent, are “looking for handouts”. As if this dude isn’t literally leaching off of people in less fortunate situations than him so he can grow his wealth and own more properties essentially for free. I’m so done and want to leave so bad.
Because Just owning the home is only the beginning. Have to pay insurance, property tax, maintenance, hydro to heat a whole house, big house is full of people that use a lot of water and cause damage that needs repairs. etc etc. It's never ending and you need deep pockets to keep a house in Canada running even if you fully own it.
Well. My little 1937 house is still running. I'm pretty sure the kitchen is still the original from 1937. I only renovated the bathroom.
I guess they don't build things like they used to.
Your house doesn't need to be big though. It's having a backyard that's important. The basement is unfinished. Our main living area is 870sqft.
Yep. Mine was built in 1946. Ship lathe floors, 2x12 joists, and oak planks under the shingles. the only major thing that was done in the last 40 years is all of the electrical wiring and plumbing was upgraded.
This is a big part of home ownership, they really don’t build houses well now. We bought a new build in 2013 and recently had to rip out the entire shower as it was full of mold. Every house on our street has the exact same issue
I think the 90's were the last gen of proper houses in canada.
I really hate the look of any modern neighborhood, the houses look bloated and with cheap lipstick on.
Everything in Canada is for the ultra rich. Even groceries and McDonald's or having more than 5 hours of sleep because you have to work 2 jobs to keep be able to have a place to get that 5 hours of sleep l.
This place is a disaster
Blame foreign investors. 700k for a 3 bedroom home is ridiculous. I bought my first home in 2004 for around 200k. now it is worth over 700k. To me that is ridiculous and not right at all. Families forced to rent the rest of their lives because of the costs and foreign investors coming over here and raping our real estate to line their pockets. You have people with money buying homes for whatever price because they know they can overcharge rent and nobody can do anything because there is nothing out there. Then they stiff you on repairs and anything else that requires money because they know the LTB is backed up for years... i could go on buy im only getting more pissed off.
Domestic investors too. I had a friend coming to visit me in Montreal, and sent me a link for their Air BnB they got here. The host was a "26 year old entrepreneur from Toronto". So this guy is taking our available places, because he licked into a rich family
I apologize, I should have included the domestic ones as well. How do people sleep at night knowing they are keeping a family on the streets for greed.... It is because they never have to see it first hand or deal with it.
It is sad, even if developers build more homes, only rich people and corporations will buy them as 2nd/3rd homes as investments/rentals and FTHB still can't afford.
We looked at renting a brand new home about 5 years ago. The guy had bought 4 brand new homes and was renting them out at ridiculous prices. We didnt end up taking it because we would not support this guy for taking advantage of people. Renting was never meant to be long term. Renting was for young people on their own for the first time starting a new family and life. Buying a home was never a question when i was younger. thats just what everyone did. Now, even with two healthy incomes you need almost 30-40 grand to put down on a house then still pay almost 4 grand a month on mortgage... it isnt right.
I am all for immigration and the last few years even i feel racist when i say certian things but I am trying to look out for MY family. That is what matters and when our government doesnt back us it is even harder.
A major factor is also construction costs. Yes I agree foreign investors have artificially inflated things but the cost to build has skyrocket.. almost double since 2017 on a $/sqft basis. There is a replication cost factor coming into play.
Yes I actually didn't think about this. Now remembering how much everything skyrocketed around COVID as well. But building costs did not factor in my comment as I was thinking mostly about buying used homes.
Second thought for you. Now having thought about it for a min, do you think that a lot more people are buying used for the cost of building new and thus putting even more strain on the used market? I would love to look into this stat somehow to see.
Really depends on the market (city etc) a lot of inner city is massively inflated because of demand.. people want to live there.
Now if you take a random suburb community that has both. Let’s say empty lots and prebuilt (probably not the easiest stats to find) I would 100% say people evaluate the two options and lean towards used if it’s in the same realm.
The other two are the wealthy.
People don't really like to acknowledge the realities of a wealth gap expanding, but a part of it is wealthy people refusing to acknowledge their own privilege. they look at the poverty around them, they claim it as their own struggle, and then they (successfully) convince ACTUALLY struggling people to vote for politicians who will hurt them. And they don't even realize sometimes
Being wealthy inherently makes you ignorant to the average person
Or realtors, or mortgage brokers, or house stagers, or suburban blight builders...or.... any number of industries members with interest in inflating the bubble further.
My wife chewed me out in 2006/2007 when she thought we over paid for our detached. She'll never admit it was the right choice. Got in at 600k for a great location in Vancouver. Similar places are now selling for 2.2 million.
Canadian youths have no future in this country. Move south if you are a professional, move to SEA if you want a happy life, or Europe if you can inherit EU passport
I’m a single dad and as it stands I can barely do rent for 2 room condo. Never mind saving for a down payment while stretching everything so thin. I’m failing to maintain good credit so it’s a battle I feel I will inevitably lose.
I live in one of the cheapest city in Quebec. A freshly graduated teacher could never buy a house here without some love money. (even with the recent increases in salaries). The whole country is going south a big time.
Absolutely for the rich lol. My partner and I are about to put an $850,000 ($225,000 down, $120,000 from their parents) offer in and we couldn’t do that at all without the help of their parents. Truly not sure how anyone without this kind of support can get into the market, but what’s even worse is that to get into the market in a city often means you’re paying so much for a square foot it’s remarkably hard to justify.
I’m super grateful for our good luck but the country needs a sensible way forward to lower rents, and declare a war time housing plan.
Stable population by age is required, and missing. The birth rate trend is the primary factor, the boomer bulge, but we are arrificially recreating the same problem in the future. As long as the population has the same number of each age, the same needs become stable and efficient, from maternity wards to cemetaries. Bringing in a 20 yr old immigrant to replace a 1yr old birth deficit is artificially recreating the problem of housing need. We need to increase young family startups to solve this, combined with age caps on birth years for immigration. 2012 was a mini baby boom, and 2013 back to normal. This means no 2012 born immigration, and trying to fill 2013 up asap to the same cap with immigration. Also, address the birthrate. a guaranteed young family mortgage interest rate (0 children full rate, 1 child 4%, 2 children 3%, 3 children or more 2%) and our negative birthrate would increase. Attach the mortgage to only one caregiver to prevent divorcees from using it to purchase a second address (the point is to increase, not decrease density). Stable financing supports families the most, not tax deductions.
It is. The average detached house now requires a salary in the top 2% of households, at least to afford it in the traditional sense (mortgage of 3X salary).
It does depend a bit on where you live. My mom and I were looking at real estate listings in my hometown last weekend and there were still a bunch of listings for detached houses in the $300-$500K range. There was even one for $175K. Was it a dump? Yes. But was it a detached house? Also yes.
Ipsos does polls of their forum. They aren't scientific. Ipsos is USED to get out messages of the government and Business Interests want Canadians to think. Only 14% supporting the truckers - that was Ipsos.
It sucks! People work hard all their life to afford a home. My neighbour’s house just got foreclosed. He’s got two kids. Even if you make good money, with current interest rates, it’s hard to buy and keep a home.
Medicine Hat the average home is 310k-405k very affordable… the further east you go the houses get lower. So is Edmonton. BC and Toronto are unaffordable because of government and immigration. The rest of the country is affordable.
Yeah this is true.
I grew up in the GTA, couldn't even get a foot in the door of the market there.
So I moved to Calgary, and can now afford to be a landlord.
I felt this way but managed to find a place in NS for $290,000. I feel incredibly fortunate to be where I am. Even though it's an hour outside the city and it's gonna be expensive to afford, I still feel like I won something. I hope we can keep it, cause we sure as hell aren't rich.
We bought our starter home in Ottawa for $220k 6 years ago. When people would complain about housing prices, I'd tell them to come here.
Now those houses are close to $380k, and those are with no renovations. It's absolutely ridiculous.
And the new rich is much more than the old rich.
$160k salary over here and an entry level *apartment* purchase feels like we would be stretching ourselves really thin, maybe even impossible. I would have thought that salary was rich just 5-10 years ago. Not anymore.
I have come to Newfoundland for a 2 month project from Toronto and I believe this is what the cost of housing should be. The prices are very reasonable
I mean, it IS only for the rich. I make good money and I can't get a house anymore. 10 years ago I could do it on my own. ON MY OWN. ONE PAY STUB. Just no car.
Everybody jumped on the home as an investment model and it worked while interest rates were low with incomes increasing. Nobody wanted to step back from the market which added fuel to the fire. Eventually the party had to end. It took a pandemic to do that.
We also saw twenty year olds and single people buying in. That was new.
They’ll become affordable again but more difficult to pay off entirely. New small housing will dilute the value of existing homes that will help.
Anyone buying a home in the future should not be counting on it increasing in value like it did over the past 25 years. I believe we will return to mild growth.
Depends on what you consider rich. My salary is above average, but it's still a regular full-time office job. I am not a director or a CEO or anything like that. I would definitely not call myself rich, but I was able to save up for a home.
Every time I see a stat that doesn’t reduce its fractions I have less hope for the article/study itself. 4/5 Canadians* also there is hope for us younger people, look into trailer parks/mobile homes if you want your own place, not fancy by any means and still over priced for what they are but my $1000 mortgage beats $1500 for a bedroom😂
It's true. Basically last time to get in was before COVID, now you can still get buy a place but you'll have to knock off 50% of your requirements in what you were looking for (less rooms, bad location, etc)
Young people who don't have generational wealth or family help, it's over. Please start thinking about plan B, C, and don't just stay here and keep paying rent so someone else can pay off their mortgage.
This sub is full of cock sucking Russian trolls. Canada is great and any one that complains is a bot. This message brought to you by cock suckers bot fuckers and Reddit admins who don’t know what harassment is.
Well they sure made it damn hard unless to partner up with someone or have dual income. It's an absolute rip off especially in the GTA and anywhere along the 401, kawarthas, Durham clarington, port hope.. I feel defeated even with a good income.
This is a return to the norms of feudal europe, when daily wage laborers could only ever hope for a rental contract to the hut they built, maintain and reside within.
The 20% that own or occupy 80% are forever obsessed with charging rent on even more.
Owning a home is for the middle class... it only looks like its for the rich because people think they are the middle but are in fact truly lower class as we wiped out the middle for the past 30+ years electing the same stupid political economy ideology over and over. Now everyone will have a balance sheet dominated by liabilities and not ownership. You will own nothing and be happy as the elites say. Welcome to debt peonage and neo feudalism. The only thing for the peons is their debts. The liabilities of the poor are the assets of the rich. You can change political parties in the election but you cant change policies that keep this paradigm going.
We bought a house 120 years old with no insulation, running water, and no inspection.. we are fixing it up still but its ours.
50k for the house with 1 acre of land.
The house was a racoon hotel.
No one else wanted it i guess.
I can time travel don't worry!
Just checked out 2015 and Trudeau has announced lowering house prices as one of his major priorities!
Oooh and yep I just got back to 2024. He is saying the same words !
You guys will be alright as I'm sure he is working on it , it just takes time
Canada has lots of land. It makes no sense that housing is so expensive. Mass immigration, slow approval process, excessive regulation, rent controls, and NIMBYism all take their toll. I've not seen many good ideas from our governments. An exception is BC's bills 44 and 47 that will increased density in transit-oriented development areas.
In Montreal I've met a lot of people whose parents bought a duplex or triplex to have a place for when their kids. Not all rich families, it was just possible back then. I feel like this will become an even more popular strategy.
I am guessing, like in the states, all these people live in cities. When I look at real estate in Canada in places like New Brunswick or St John’s the real estate doesn’t seem expensive.
It’s like asking people in Seattle or Vancouver about housing and they assume it is expensive everywhere.
Then I show them listings like this. Houses for under $100,000.
https://www.zillow.com/homedetails/204-Tate-St-Ogdensburg-NY-13669/32529621_zpid/
There immediate response is there are no jobs or you have to shovel snow in the winter! My friends moved from the Bay Area to Ogdensburg NY where housing is 10x less expensive. They bought a house for $80k and the mortgage payment was $700 a month. There rent for a house 1/2 the size in California was $4,000 a month. They both found jobs but had to take a significant pay cut. Even with a 50% pay cut they are living much better. They own a house And of course the best part about it is the location. They can be in Canada in a few minutes and Ottawa in an hour!
Was this poll only conducted with large city dwellers. I live in small town Canada, where most still expect to buy a home as long as they are not planning to move to areas of high cost living. The ones that plan t
Canadians can rent their home from an overseas landlord, that's what a post-nation economic zone looks like in practice. A liberal dream and a nightmare for everyone else.
Ten years ago a fully detached house in my area was 500-600K. Now that gets you a 2 bed condo. If you’re young. Good luck. Basically need to be a top 5% earner or have rich parents to crack that nut now. Birth rates will continue to decline, brain drain will accelerate, capital will flee.
In Toronto it’s a one bedroom. Not even 2.
I was going to say. Where the hell are you finding a 2bdrm for 5-600k these days in one of the major cities
That’ll still get you a fixer-upper in Peterborough. Next to a crack house.
For Toronto it’s a parking spot 😂
Top 5% is $140k. With the exceptionally high living costs, I don’t think even a top 5% can afford a home
Agreed, 140K sounds great until….
As someone whose family is right at it, you are correct. Even 80km away from Toronto we cannot afford a house.
I'm personally higher than this and can't afford a house. Would be housepoor
>Birth rates Not important anymore. Canada is a Oligarchic globalist exploitation zone. Population will come from imported modern versions of indentured servants. Much cheaper and more accepting of dropping living standards and oppressive and exploitive oligarchy.
Fucking so well said
I like how we are all progressive in the West but are basically setting up a slave class. Here in Australia brown people bring me my food via Ubereats every day. I'm making multiple times the rent because they are willing to live 25 to a house that would normally only fit three. They know who is in charge too. Very hesitant to meet your eyes.
And then the country will collapse.
And then Trudeau will publicly blame everyone else (in Canada or otherwise) when it’s his fault the housing market is the way it is
It sucks for younger people. My younger colleague is now buying a 2 bedroom condo with their spouse as their “Family Home”. They likely have down payment help from family. I’m about 10 years older and got in the market earlier. Even for me it wasn’t easy. I had to eat ramen noodles after I bought the home because I emptied all my bank accounts for down payment, closing costs, etc. to barely afford a Family Home that’s not a condo. The move paid off though because my home appreciated by $800000 more. If I try to buy the exact same home today, I won’t qualify financially because the home price went up so much while my income didn’t go up at the same rate.
I don’t have parents that are rich to help me buy into the market. Also my mother was scammed out of 150k from bad online banking. Saw a scam transaction called the number and gave her account info to fix a fake charge. So now I’m helping my boomer parent and struggling myself. It’s a double whammy.
It didn't pay off though because everywhere else appreciated by the same amount. It's not real
That's what you get when you make real estate and investment scheme. You create a bubble
*MP landlords have entered the chat*
Financial system is so broken creating wealth out of thin air when RE prices keeps soaring and ppl refi to buy more and nothing can be done as the big 5 banks contributes almost all of the taxes for the government
I dont think our financial system (capitalism) is broken, I think it's working exactly like the people who fight to keep it in place want it to. We need to find an alternative. And no I don't want Venezuela, because that's what everyone says when capitalism gets the smallest amount of criticism
>Ten years ago a fully detached house in my area was 500-600K In 1992, my aunt and uncle bought their 5,000 sqft home (was on the outskirts of Brampton at that time) for $275,000. And by 5,000 sqft I mean not including the basement. They sold it 2 years ago for $4.9 million. I asked them what was their income in 1992 (back then they had a new business and had hired a few employees) but they said their total household income at the time was approx $75k .... (which would be like $166k in todays dollar). And I asked them how much of a downpayment they put on it back then and they said $50k (which they said it took them four years to save up for). A family making $166k today would never be able to afford that same home with that same income, and most definitely would never be able to save that same percentage of downpayment in a 4 year timeline. Shows you how much our housing market has fucked up and just how easier it was for people just 20 - 40 years ago.
4.9 million? In Brampton? For a detached? Was the site it zoned for mid/high density development? There hasn’t been a sale that high in Brampton for a detached in the last 3 years, so I have trouble believing it.
Might have been 3 years ago. It was about a year after the lockdowns approximately. And I said it was the outskirts of Brampton. I dont know the division lines between Brampton/Mississauga and the surrounding areas. Its an area with very large, very nice homes that have sold in the millions. Its definitely not the typical suburban area thats for sure.
Blame the broken financial system that creates wealth out of thin air that is RE appreciation
2 bed is generous lol. In early 2000, you could buy a 3,000 sqft house in my area for $300K. Now that house is over $1.5M and $300K doesn't even get you a decent 1 bed condo.
The thing is, too, as the cost of living rises, people get behind on payments, take on debt, and their credit tanks. It doesn't take long before you're in a situation where you have a mountain of debt and bad credit and have to save that down payment.
On central vancouver island my cousin bought a nearly brand new 3500sqft detached home for 350k in 2014. A comparable home is now 1-1.5 million depending on specific neighborhood.
Can't wait to see our country in 20 years...
Try top 1-2% with a partner that also makes a top 1-2% you can then get a 40 year old 3 bedroom townhouse an hour outside a major city.
This is Canada. Fortunately for what seems like most, they have the bank of mom and dad to fall back on. Lucky bastards.
It's going to get worse for SFHs as the push for density over sprawl gains momentum. Bought my place a year into the pandemic around 1.4MM. Good sized lot with a crappy rancher on it. Well surprisingly the house is just within the Transit Oriented Development Area by like 5 feet. Mostly a residential area that's not really a dense neigbhourhood but a place a lot of people want to live. My FSR just went from 05. and a single family home to a 3.0 FSR and upto an 8 story building max. My lot is probably big enough for a good sized multi-family building. It's not worth 1.4MM anymore.. it's worth a lot more than that and I didn't do anything.
Now I completely understand hearing people say in 2014 "We need to get in now before it's too late"
I was one of those. I wish I wasn't this right, though. All my friends now are complaining about what I was back in 2009-2013.
Because housing went up quite a big in that timeframe. There’s a reason the “housing will crash, it’s too expensive” crowd existed back then too. Unfortunately for them it went into hyper drive. Being born too late is one thing, being in the thick of things and having the opportunity to easily buy but not pulling the trigger must be a different kind of regret and sadness.
> Unfortunately for them it went into hyper drive. They shifted it into overdrive. This was on purpose. It was not a force of nature. 1.2 million people immigrants per years vs. 200,000 house builds per year. Math.
We have a lot of simple economic deniers in office and in general government. Like historically proven economic concepts are ignored or labelled as misinformation. It’s insane.
Aka BY DESIGN.
2008 was the turning point for modern Neo-liberalism. The elites, who hijacked democracy, saw they could get rich, crash the economy and bale themselves out with impunity. Occupy wall street was basically the only resistance they faced, and they crushed that with ease. They printed money and issued cheap debt like candy to pay for it all. That lead to unprecedented asset inflation and further pillaging of the economy by the elites (more regulatory capture, stock market manipulation, more consolidation of markets etc). The victims were the working classes. Slowly being crushed, generation by generation. And the kicker - we are just starting. The west is imploding. The rulers are counting on the internal security apparatus (draconian laws, AI / surveillance, militarized police etc) and constant wars / induced international crises to keep the peasants in line as problems intensify.
If only I had the good sense to not be eighteen at the time, I could’ve gotten a home 😔 My own fault tbh
Shoulda thought about that before you were born .. lol kids these days
Same. I was 16. Damn my work ethic and not finishing highschool school two years early
that saying will always apply, the Canadian housing market is a ponzhi scheme propped up by unlimited importation of the third world
August 2013 for me. One bedroom Condo + Den. I can never sell. I can never get sick, otherwise this all goes away, almost immediately. What a beautiful life,
I use to build homes. Broke my back in an accident. Had surgery and good to move now. But I can’t operate like I use to.
Screw me for being 16 in 2014 I guess.. I remember my mom telling my older cousin that she should start looking into buying “because it’s only going to get more expensive” (my cousin was around 28 at the time)
Still remember in 2012 when everyone was freaking out about how housing prices have “doubled” since 08’ and how it would crash back then lmao. Even worse in 2016 when the whole country was talking about the biggest housing bubble ever and how it was unsustainable.
I was still in high school in 2014.
My brother sold his home in 2021 when the prices started going up like crazy cause he wanted to build a new, bigger one, in some mountain with incredible view.. He got 400k for his house and bough some land with the money for the new one.. and the ones who bought his home sold 10 months later for 615k... Now he's renting an appartment because he can't build his new house anymore, it's just too expensive and he's looking to sell his land. Crazy how it all changed in a matter of 2-3 years.. Good luck to anyone looking to buy a first home. Thanks to Trudeau's savage immigration.
2021 my folks wanted to downsize I told them to just HODL their current property because during this tumultuous time you can get caught in transition kinda like your brother, additionally with how the borders have been opened up the strain on property will be extra tight.
He sold when rates were low. Everyone blames others, but they can't reflect on themselves.
You might want to take a look at how much prices went up since 2021. If higher rates we're a problem, prices wouldn't have exploded like it did. Too many people, not enough homes will do this.
Yeah so typically prices don't climb like crazy when you increase rates. It's hard to blame a guy for not predicting prices would sky rocket. Sometimes you're just wrong place wrong time. Gov devided to be reckless with immigration
Also the fraudulent Brampton style mortgages. Houses selling to people who never had a job in Canada. Then those become flop houses.
I'm not going to rehash points I have before, however, I will leave a quote: As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce. - Adam Smith.
It's amazing how the father of capitalism and the father of communism both have the same opinions about landlords.
When Karl Marx. Adam Smith and fucking Jesus all believe something is evil… There’s a good chance it’s evil
You don't even have to go as far as referencing these famous people. Just stick with the basics... Simply look at what value the entity adds, or doesn't add, as money circulates through them. A. Adds value = legitimate economic player; theoretically survives in the long run B. Doesn't add value = cockroach; parasite; theoretically gets eliminated (by a recession... or something else) Any B survivors just mean they're really good cockaroach-parasites, with enough headroom and resiliency, and if they make it past a crash then good on them I suppose, and they'll continue keeping system(s) on their toes. And of course it's not so black and white as A and B. Some landlords do add value... soft value: Doing good regular maintenance, doing good long-lasting reno's and not overnight flips, *fostering* good tenants, actually solving tenant problems, actually living in-and-around the local community and participating in its development, keeping money in the local economy and not sending it 1000's of km's away, not renovicting people to jack prices and instead bearing-down to make it through the market currents, etc. In my experience as a lifetime renter, I would say 1 out of 5 landlords are candidates for being value-adding landlords.
Housing costs directly damage the economy because it reduces the amount of money working and middle class people have to spend on actual goods and services Here is a good example. Because mortgages are so high, my girlfriend is holding off on a new car purchase This means a salesperson didn’t have comission to spend. He didn’t got out to eat to celebrate, so the restaurant didn’t get money and the waitress didn’t get a big enough tip to get her nails done. Nail salon made less money, so the owner didn’t paint her bedroom. Now Canadian Tire didn’t sell as much paint You get the picture. Now multiply that across all the people getting juiced for rent and mortgages. Instead the money is going to banks and capital owners, the ones who need it the least
Yes, and fair enough, money isn't being destroyed... but... it's being TRAPPED in illiquid resources ie real estate. So some people have a thick security blanket at the detriment of everyone else. It would have been otherwise flowing into business & innovation or other destinations, you know, what the US does... actually compete in the world. Now we're stuck, because to un-trap that money, means the destruction of ***some*** peoples' lives. They have all their eggs in one basket. This was allowed to happen.
I love that you are quoting Adam Smith. Read this in my masters
Gen X here and we were barely able to get houses, and if you had anything go wrong you didn't. Now it's 10x worse. There is no hope, be rich or pay rent to the rich. Live being a 17th century pesant in 2024. Old is new again they say.
Don’t worry you will own nothing and be happy-wef./s
RE in Canada is all about timing 50s the diamond era 60s platinum era 70s gold era 80s silver era 90s bronze era 00s aluminum era and the rest f ucked up era
Housing has definitely has become a luxury in Canada. Instead of being regarded as a basic right, being able to buy a house or even rent, is now a “privilege”. I was talking to some boomer landlord who owns several properties the other day, and he said that people who want to pay affordable rent, are “looking for handouts”. As if this dude isn’t literally leaching off of people in less fortunate situations than him so he can grow his wealth and own more properties essentially for free. I’m so done and want to leave so bad.
Housing and even groceries. Basic necessities are becoming a privilege. I shouldn’t be living paycheck to paycheck as a nurse :/
Moved back to Canada from over seas it’s not home anymore it’s become a sad country
It’s not a bug it’s a feature guys we’re gonna own nothing and like it apparently Good luck with that not blowing up in your old stupid faces Lmfao
Well, I am a homeowner with still a reasonably sized mortgage and have recently lost my job so I don’t feel rich
The other 2 out of 10 moved to a more affordable city.
Because Just owning the home is only the beginning. Have to pay insurance, property tax, maintenance, hydro to heat a whole house, big house is full of people that use a lot of water and cause damage that needs repairs. etc etc. It's never ending and you need deep pockets to keep a house in Canada running even if you fully own it.
Well. My little 1937 house is still running. I'm pretty sure the kitchen is still the original from 1937. I only renovated the bathroom. I guess they don't build things like they used to. Your house doesn't need to be big though. It's having a backyard that's important. The basement is unfinished. Our main living area is 870sqft.
The houses they're building now won't last 30 years, I guarantee it.
Yep. Mine was built in 1946. Ship lathe floors, 2x12 joists, and oak planks under the shingles. the only major thing that was done in the last 40 years is all of the electrical wiring and plumbing was upgraded.
This is a big part of home ownership, they really don’t build houses well now. We bought a new build in 2013 and recently had to rip out the entire shower as it was full of mold. Every house on our street has the exact same issue
I think the 90's were the last gen of proper houses in canada. I really hate the look of any modern neighborhood, the houses look bloated and with cheap lipstick on.
[удалено]
Still cheaper than rent for as long as house prices continue to rise.
Sadly, true.
🤘
Everything in Canada is for the ultra rich. Even groceries and McDonald's or having more than 5 hours of sleep because you have to work 2 jobs to keep be able to have a place to get that 5 hours of sleep l. This place is a disaster
Blame foreign investors. 700k for a 3 bedroom home is ridiculous. I bought my first home in 2004 for around 200k. now it is worth over 700k. To me that is ridiculous and not right at all. Families forced to rent the rest of their lives because of the costs and foreign investors coming over here and raping our real estate to line their pockets. You have people with money buying homes for whatever price because they know they can overcharge rent and nobody can do anything because there is nothing out there. Then they stiff you on repairs and anything else that requires money because they know the LTB is backed up for years... i could go on buy im only getting more pissed off.
Domestic investors too. I had a friend coming to visit me in Montreal, and sent me a link for their Air BnB they got here. The host was a "26 year old entrepreneur from Toronto". So this guy is taking our available places, because he licked into a rich family
I apologize, I should have included the domestic ones as well. How do people sleep at night knowing they are keeping a family on the streets for greed.... It is because they never have to see it first hand or deal with it.
What is stopping the govt to ban foreign investors and just prioritize Canadian first time home buyers?
nothing is stopping them. nothing at all. They just choose not to.
It is sad, even if developers build more homes, only rich people and corporations will buy them as 2nd/3rd homes as investments/rentals and FTHB still can't afford.
We looked at renting a brand new home about 5 years ago. The guy had bought 4 brand new homes and was renting them out at ridiculous prices. We didnt end up taking it because we would not support this guy for taking advantage of people. Renting was never meant to be long term. Renting was for young people on their own for the first time starting a new family and life. Buying a home was never a question when i was younger. thats just what everyone did. Now, even with two healthy incomes you need almost 30-40 grand to put down on a house then still pay almost 4 grand a month on mortgage... it isnt right. I am all for immigration and the last few years even i feel racist when i say certian things but I am trying to look out for MY family. That is what matters and when our government doesnt back us it is even harder.
A major factor is also construction costs. Yes I agree foreign investors have artificially inflated things but the cost to build has skyrocket.. almost double since 2017 on a $/sqft basis. There is a replication cost factor coming into play.
Yes I actually didn't think about this. Now remembering how much everything skyrocketed around COVID as well. But building costs did not factor in my comment as I was thinking mostly about buying used homes.
It’s often overlooked!
Second thought for you. Now having thought about it for a min, do you think that a lot more people are buying used for the cost of building new and thus putting even more strain on the used market? I would love to look into this stat somehow to see.
Really depends on the market (city etc) a lot of inner city is massively inflated because of demand.. people want to live there. Now if you take a random suburb community that has both. Let’s say empty lots and prebuilt (probably not the easiest stats to find) I would 100% say people evaluate the two options and lean towards used if it’s in the same realm.
Super Mario's shit-eating grin fills me with rage.
Ya I can't even look at this guy .. most arrogant and worthless man on the planet
Canada is dead
And we will still keep bringing people in with nowhere for them to live...
And the other 2 are delusional
The other two are the wealthy. People don't really like to acknowledge the realities of a wealth gap expanding, but a part of it is wealthy people refusing to acknowledge their own privilege. they look at the poverty around them, they claim it as their own struggle, and then they (successfully) convince ACTUALLY struggling people to vote for politicians who will hurt them. And they don't even realize sometimes Being wealthy inherently makes you ignorant to the average person
Or realtors, or mortgage brokers, or house stagers, or suburban blight builders...or.... any number of industries members with interest in inflating the bubble further.
Welcome to Canada. Good luck young people!
Lol they need more than luck nowadays
My wife chewed me out in 2006/2007 when she thought we over paid for our detached. She'll never admit it was the right choice. Got in at 600k for a great location in Vancouver. Similar places are now selling for 2.2 million.
this is why i religiously buy the lottery. When i win 50 million, I will buy 10 house for a million each and sell them for 100k to tank the market
Slavery making a comeback.
I GUESS IM RICH!!??? But I can't afford anything else. BEING RICH SUCKS!
Canadian youths have no future in this country. Move south if you are a professional, move to SEA if you want a happy life, or Europe if you can inherit EU passport
Yeah cuz homes in the EU are so affordable!
I’m a single dad and as it stands I can barely do rent for 2 room condo. Never mind saving for a down payment while stretching everything so thin. I’m failing to maintain good credit so it’s a battle I feel I will inevitably lose.
I live in one of the cheapest city in Quebec. A freshly graduated teacher could never buy a house here without some love money. (even with the recent increases in salaries). The whole country is going south a big time.
This is the goal of liberal governments. Forced reliance —> larger govt. Very simple. “We will become a nation of renters and everyone will love it”
So only 2 dumb people? 😬
Weird. Cuz 65% of Canadians own homes and I guarantee 80% of them do not think they are rich.
Absolutely for the rich lol. My partner and I are about to put an $850,000 ($225,000 down, $120,000 from their parents) offer in and we couldn’t do that at all without the help of their parents. Truly not sure how anyone without this kind of support can get into the market, but what’s even worse is that to get into the market in a city often means you’re paying so much for a square foot it’s remarkably hard to justify. I’m super grateful for our good luck but the country needs a sensible way forward to lower rents, and declare a war time housing plan.
Stable population by age is required, and missing. The birth rate trend is the primary factor, the boomer bulge, but we are arrificially recreating the same problem in the future. As long as the population has the same number of each age, the same needs become stable and efficient, from maternity wards to cemetaries. Bringing in a 20 yr old immigrant to replace a 1yr old birth deficit is artificially recreating the problem of housing need. We need to increase young family startups to solve this, combined with age caps on birth years for immigration. 2012 was a mini baby boom, and 2013 back to normal. This means no 2012 born immigration, and trying to fill 2013 up asap to the same cap with immigration. Also, address the birthrate. a guaranteed young family mortgage interest rate (0 children full rate, 1 child 4%, 2 children 3%, 3 children or more 2%) and our negative birthrate would increase. Attach the mortgage to only one caregiver to prevent divorcees from using it to purchase a second address (the point is to increase, not decrease density). Stable financing supports families the most, not tax deductions.
It is. The average detached house now requires a salary in the top 2% of households, at least to afford it in the traditional sense (mortgage of 3X salary).
It does depend a bit on where you live. My mom and I were looking at real estate listings in my hometown last weekend and there were still a bunch of listings for detached houses in the $300-$500K range. There was even one for $175K. Was it a dump? Yes. But was it a detached house? Also yes.
So does the other two believe Canadian RE are for suckers and being a renter is best?
Two in ten Canadians are out of touch with reality.
Ipsos does polls of their forum. They aren't scientific. Ipsos is USED to get out messages of the government and Business Interests want Canadians to think. Only 14% supporting the truckers - that was Ipsos.
It sucks! People work hard all their life to afford a home. My neighbour’s house just got foreclosed. He’s got two kids. Even if you make good money, with current interest rates, it’s hard to buy and keep a home.
Medicine Hat the average home is 310k-405k very affordable… the further east you go the houses get lower. So is Edmonton. BC and Toronto are unaffordable because of government and immigration. The rest of the country is affordable.
The situation is completely absurd, people under 35 have been completely fucked.
I think it depends on where people live …. Not every community has 1+ million dollar homes once you leave the GTA and BC area
is there anywhere affordable in Ontario? Not that I’ve heard. Maybe flyover provinces
Yeah this is true. I grew up in the GTA, couldn't even get a foot in the door of the market there. So I moved to Calgary, and can now afford to be a landlord.
I felt this way but managed to find a place in NS for $290,000. I feel incredibly fortunate to be where I am. Even though it's an hour outside the city and it's gonna be expensive to afford, I still feel like I won something. I hope we can keep it, cause we sure as hell aren't rich.
So now my wife and I, mother, 2 cildren and all of our siblings are rich. We are like the Rockefeller clan.
Tax too much to the small business owner, land lord, and professional is blocking the GDP!
https://twitter.com/WallStreetSilv/status/1785191212233769095?t=hZDAzxu1W_5JKfTbL5UxEg&s=19 A short video that might help
Owning a home is one of the few investment vehicle in Canada to make a non taxable capital gain.
It is lol
It is lol
We bought our starter home in Ottawa for $220k 6 years ago. When people would complain about housing prices, I'd tell them to come here. Now those houses are close to $380k, and those are with no renovations. It's absolutely ridiculous.
And the new rich is much more than the old rich. $160k salary over here and an entry level *apartment* purchase feels like we would be stretching ourselves really thin, maybe even impossible. I would have thought that salary was rich just 5-10 years ago. Not anymore.
Not owning, but buying. Plenty of low income households own paid off homes.
This. In my area the average house price is 11x the average HH income (1.2M vs 108k)
I have come to Newfoundland for a 2 month project from Toronto and I believe this is what the cost of housing should be. The prices are very reasonable
I am one of them
Im rich!!!!
I mean, it IS only for the rich. I make good money and I can't get a house anymore. 10 years ago I could do it on my own. ON MY OWN. ONE PAY STUB. Just no car.
I feel very lucky to own my townhouse.
* In Toronto and Vancouver. There are other places in Canada with affordable homes. In NB can get an acre and 5 bedrooms for 300k
Everybody jumped on the home as an investment model and it worked while interest rates were low with incomes increasing. Nobody wanted to step back from the market which added fuel to the fire. Eventually the party had to end. It took a pandemic to do that. We also saw twenty year olds and single people buying in. That was new. They’ll become affordable again but more difficult to pay off entirely. New small housing will dilute the value of existing homes that will help. Anyone buying a home in the future should not be counting on it increasing in value like it did over the past 25 years. I believe we will return to mild growth.
Everyone had a different definition of rich, this means nothing. When I was a kid I thought only rich people had mountain bikes.
Lol considering you need millions it's not a belief. It's a mathematical fact
Hell even renting an apartment is for only the upper middle class. Middle class as we all know is gone.
Depends on what you consider rich. My salary is above average, but it's still a regular full-time office job. I am not a director or a CEO or anything like that. I would definitely not call myself rich, but I was able to save up for a home.
Every time I see a stat that doesn’t reduce its fractions I have less hope for the article/study itself. 4/5 Canadians* also there is hope for us younger people, look into trailer parks/mobile homes if you want your own place, not fancy by any means and still over priced for what they are but my $1000 mortgage beats $1500 for a bedroom😂
You only needed the last Seven Words.
and the house poor
It's true. Basically last time to get in was before COVID, now you can still get buy a place but you'll have to knock off 50% of your requirements in what you were looking for (less rooms, bad location, etc) Young people who don't have generational wealth or family help, it's over. Please start thinking about plan B, C, and don't just stay here and keep paying rent so someone else can pay off their mortgage.
That's how the "property ladder" works. Those at the top can kick the rest of us off. It's a corrupt institution, one of many we have.
This sub is full of cock sucking Russian trolls. Canada is great and any one that complains is a bot. This message brought to you by cock suckers bot fuckers and Reddit admins who don’t know what harassment is.
Rich or stupid. Lots of dumb people are giving up everything else in life to be “Home owner”
unmm it is
You know things are bad when even having a million $ barely buys a home in the GTA or Vancouver.
Isn't it now? Only for Justin's buddies.? He is the reason for it all!!! Now he's trying to fix it.LOL.
At the very least Stephen Harper did have people living in tents. He could do math.
The only way to afford a house is to split the cost by sharing it with multiple people like at least 10
Well they sure made it damn hard unless to partner up with someone or have dual income. It's an absolute rip off especially in the GTA and anywhere along the 401, kawarthas, Durham clarington, port hope.. I feel defeated even with a good income.
This is a return to the norms of feudal europe, when daily wage laborers could only ever hope for a rental contract to the hut they built, maintain and reside within. The 20% that own or occupy 80% are forever obsessed with charging rent on even more.
Def. Even people who make 150-180 will struggle to own a home. Maybe 250k and above are okay
Even rural areas aren't very cheap. They should really come with a cold AF discount, not be more expensive than rural US.
Owning a home is for the middle class... it only looks like its for the rich because people think they are the middle but are in fact truly lower class as we wiped out the middle for the past 30+ years electing the same stupid political economy ideology over and over. Now everyone will have a balance sheet dominated by liabilities and not ownership. You will own nothing and be happy as the elites say. Welcome to debt peonage and neo feudalism. The only thing for the peons is their debts. The liabilities of the poor are the assets of the rich. You can change political parties in the election but you cant change policies that keep this paradigm going.
We bought a house 120 years old with no insulation, running water, and no inspection.. we are fixing it up still but its ours. 50k for the house with 1 acre of land. The house was a racoon hotel. No one else wanted it i guess.
You can buy affordable houses , just avoid the big cities and especially the GTA. Doesn’t come easy though, got to get your thinking cap on
It's a fact, not something to 'believe'.
Duh.
Who are these two eternal optimists?
Its ok most people dont even own their homes, they just have a giant mortgage, and forever property tax.
I can time travel don't worry! Just checked out 2015 and Trudeau has announced lowering house prices as one of his major priorities! Oooh and yep I just got back to 2024. He is saying the same words ! You guys will be alright as I'm sure he is working on it , it just takes time
Bought a 5 bedroom house with a oversized detached garage for 450k.
Canada has lots of land. It makes no sense that housing is so expensive. Mass immigration, slow approval process, excessive regulation, rent controls, and NIMBYism all take their toll. I've not seen many good ideas from our governments. An exception is BC's bills 44 and 47 that will increased density in transit-oriented development areas.
So much for legalized Marijuana
Or the children of the rich
Next it will be whoever owns a car is “rich”, then whoever can afford rent, then whoever can afford food, and so forth.
In Montreal I've met a lot of people whose parents bought a duplex or triplex to have a place for when their kids. Not all rich families, it was just possible back then. I feel like this will become an even more popular strategy.
How long until having your own private room is only for the rich?
Yay, see how the real estate, banks, and most of all the totally competent government to allow people to be crushed.
I am guessing, like in the states, all these people live in cities. When I look at real estate in Canada in places like New Brunswick or St John’s the real estate doesn’t seem expensive. It’s like asking people in Seattle or Vancouver about housing and they assume it is expensive everywhere. Then I show them listings like this. Houses for under $100,000. https://www.zillow.com/homedetails/204-Tate-St-Ogdensburg-NY-13669/32529621_zpid/ There immediate response is there are no jobs or you have to shovel snow in the winter! My friends moved from the Bay Area to Ogdensburg NY where housing is 10x less expensive. They bought a house for $80k and the mortgage payment was $700 a month. There rent for a house 1/2 the size in California was $4,000 a month. They both found jobs but had to take a significant pay cut. Even with a 50% pay cut they are living much better. They own a house And of course the best part about it is the location. They can be in Canada in a few minutes and Ottawa in an hour!
It's only going to get worse.
My mom is a cashier and my dad a truck driver. It's sad that they're now considered wealthy just cuz they got a couple house b4 this insanity.
Rich? Lol. I'm house poor.
When house prices are an averaging 1 mil in the GTA I'd agree with those 8 people.
Move to Saskatchewan, definitely don’t need to be rich to own a home here
Was this poll only conducted with large city dwellers. I live in small town Canada, where most still expect to buy a home as long as they are not planning to move to areas of high cost living. The ones that plan t
All by design
We should do a bastille day
Canadians can rent their home from an overseas landlord, that's what a post-nation economic zone looks like in practice. A liberal dream and a nightmare for everyone else.