Why it takes 30 years to buy a house in Canada - BBC News
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- Опубликовано: 8 окт 2021
- Housing affordability is a growing issue in Canada, and was a hot topic in the recent elections.
Average home prices are up 13% compared with this time last year - but incomes haven't kept up.
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#Canada #Housing #BBCNews
When the British make a video of how bad your housing market is, you know it's bad.
sarcasm
Great point! I'm British saying that too.
Lmao
Not really, the UK isn't that expensive compared to much of North America, Asia and Europe.
@@kayflip2233 bruh
This would be ok if average life expectancy was 1000 years 😂
👍🤣
Lol
True haha
Lolll
You get your children and grandchildren to take over the payments..
But the kicker is you don’t get to kick your children out at 21..
They take over the mortgage and kick you out..
This is sad. When a single person with no kids making a $100k/year can't afford a house something is very wrong
Its BALLS, work till you die etc.
you can...dont purcahse in gta or van...you can get a huge house on that income
@@canadianjatti where ?
@@ballathug8404 calgary/edmonton/saskatoon/winnipeg/red deer/lethbridge..to name a few
@@canadianjatti Yeah but when you move there, might not be able to find a 100k job in those areas
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@donnabrannan1448 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@angelahowie1451 My advisor is MARTHA ALONSO HARA
You can look her up online
@@charlotteelizabeth6830 Nah I Can't say I can relate, MARTHA ALONSO HARA charge is one-off and pretty reasonable when compared to what I benefit in returns.
And if you think prices in Toronto are bad, don't even look at Vancouver.
If you think prices in Vancouver are bad don’t even look at New York City
@@tonymediterranean1017 you don't know the housing market in Vancouver then
@@tonymediterranean1017 Unlike New York City, Vancouver isn't the financial center of the largest national economy on Earth. The reasons for Vancouver's (and Toronto's) unaffordability are far more intentional and nefarious.
Of course, none of what I'm saying here is intended to diminish the suffering of those who aren't pulling in an executive salary in New York - but rather, each city has its own factors contributing, these factors matter, and our factors are nothing like New York's.
Seems like we need to do a gofunding thingy to help needy people own houses. But ensure they are done in an eco-friendly manner. Even trailer parks can serve as an alternative, albeit temporarily.
Exactly. You cannot compare Toronto/Vancouver to NYC. They are in completely different leagues internationally, no matter what propaganda tried to tell us.
And remember, those 30 years is just to afford a downpayment. To actually own a house is pretty much out of the question for most Canadians within a lifetime.
@Isnsn Cjdjw I'm sure Canadians may act superior (for which I'm sorry lol) but as a Canadian myself, most of us love to complain about how unaffordable housing is so I can't imagine anyone acting superior on this.
We voted for this. I don't understand why people are complaining.
@@tkirchmann tbf, most Canadian families (over 70% I think) already own a house or multiple houses. The only ones complaining are those who don't own a house yet or young people trying to buy on their own (many of whom will eventually inherit their parents' property).
@@hamzasyed Yeah. They major f***ed. Don't know why they voted for it.
@@hamzasyed what percent of Canadian citizens are home owners?
Toronto resident here. The housing market is so corrupted by foreign capital and speculation that a normal person can't win. It's pretty sick
it is called capitalism get used to it
in global capitalism that is normal
@@eyasulegesse6208 ok so if mass amounts of Canadians migrated to your country and set up shop and what not there would be uproar but it’s ok here because it’s Canada…!?
@@eyasulegesse6208 it’s very hypocritical
@@christianb8228 What is most infuriating is Canadian's earn wages by and large through legitimate work and labor law. Good chance if you are buying homes in Toronto cash and you did not grow up in Canada your money is dirty. Those funds were likely acquired through exploitation, corruption and criminal behavior.
And people look down on those who still lives with their parents. Most of them want to buy a house on their own but money is the problem.
The world is crazy. We are ready to see a big bust soon like the 80s. Australia is the same. Shit boxes people are buying sight unseen and will be in for a rude shock
The average household income where I live in BC is $80 k a year. My daughter earns just over that but the chance of buying a home is constantly moving further and further away from her. A mortgage broker told her the maximum she could borrow was $389k.
These poor kids may never get on the property ladder because of poor planning by the government and pathetically weak laws regarding foreign investors buying up all the homes.
I purchased a home 2 years ago and boy am I glad I did. It's a 1300sq ft 4 BR home 1hr west of MTL.
We purchased 2 years ago for 187000. Just had it appraised and at the low end it's appraised at 390000 now. I got in just in time but good luck to anyone who doesn't already own something.
I'll be 38 this year... 😬
@@mattwilliams489 she should chip in with best friends to buy property.. Sis bought a house West side for 1.1M.... Point is.. Have 2+ best friends to legally sign for purchasing a property to live in / rent out..... Build capital from there. Gotta rly trust the other person
The fact that Canada is absolutely massive it costs a million dollars for a closet sized house
Not all of Canada is that inhabitable though
@@ZachATL of course it is you fool indigenous people have lived all around here for thousands of years with no roads or buildings this colonial government is a disgrace and so are you sheeple
@UCIfhkE-3gWoimX_OlSpZECQ
Then you go live in the wilderness
Set the example or shut the fuck up
@@ZachATL Still, Ontario and British Columbia are huge and the prices are still absurd. There’s nothing that justifies such an absurd price, quality of life isn’t better than America, taxes are still high as hell, and if we can’t even own a home, there’s nothing stopping Canadians from moving to the United States. If Canada doesn’t do anything about this, they’ll be pretty much losing all their top businesses and students to America.
Lots of lumber, rocks, copper and metals here too.
Pretty soon new title : Why is it impossible to buy a house in Canada.
Well, that’s pretty much already the case in China, where the property price to income ratio in big cities is well over 50 years.
It is impossible
u got heath careee that's sucks. Ur own courts is against it
@@paulbarry7760 Well you wouldn't be laughing if you got Cancer and didn't have health care, might have to sell your house to get treatment.
@@EyFmS insurance man. It funny canda hates in usa bragging about socialist bs medicine.
Knowing there own courts hated on medical care nation wide.
I live in Ottawa. Bought my house in 1998 for $172,000. Houses on my street now sell routinely for over $1,000,000. How any young couple can afford their own home now is beyond my capability to understand.
Luck you
Yeah don’t pretend to care. You’re making off like a bandit
@@user-or9sr1wd3w I have two kids in their twenties. That's why I'm NOT pretending ...
@@jerfacekilla I'm in ottawa too and I can't believe how expansive it is now. I just hope I can leave very soon and settle overseas or somewhere else.
im thinking of coming to live in canada, but all of this makes me concerned i wont be able to afford somewhere to live in. what are your opinions on canada? should i consider the uk instead?
They should have mentioned the fact that rent is also becoming unaffordable for many. In the major cities rent can easily be more than a mortgage but with such high rents the tenant cannot afford to save for a down payment to get themselves on the property ladder.
Move to Calgary. 50% cheaper.
That's pretty much the entire Western world
Right!!! Rent in my hometown of Barrie, ON hovers around 1760 on average for a 1 bedroom.
@@shan22777 Ontario is expensive everywhere. And Barrie is not a big city om if you compare to Calgary
@@amh9494 Nope. Majority of the Western world, even big cities houses cost 500,000 or less. Canada is more than twice as expensive as the majority of developed countries.
Completely ironic. Second largest country in the world with less than 40 million ppl but have the most expensive houses in the world🤣🤣
This is only fully true though for big cities you head out to New Brunswick, Nova Scotia PEI, Newfoundland and Labrador, northern Ontario, or the Praries and prices are much more affordable.
Canada's intra city public transport services worse than the 3rd world countries. Hence people don't look to buy outside of the hotspots. Also jobs in those places are far less than Toronto.
@@Nahid2all I'm not sure you have the full picture, in Toronto and Vancouver prices are astronomical but go to other cities in Canada and you will find some much more reasonable prices in Calgary, Edmonton, Halifax, Winnipeg, Montreal Quebec city, the list goes on, and all the places I just mentioned are big cities for Canada which have good transport
@@berkeleysmith6630 I should have said inter city rather than intra. Those are big cities with good transport: true, and could be good option for some people but they are cheaper for good few reasons (Montreal is good + expensive and shouldn't be in the cheaper list). The weather is adverse in most of these places is one of the biggest reasons and the ones that has good weather e.g. nova Scotia job prospects are very little.
Back to my original point on transport. If someone like me who was looking at Barrie, Waterloo, Kitchener, Goderich, Hanover, Peterborough, etc small towns the connections to Toronto is either very poor or nothing actually available and driving 2-3 hrs round trip to work isn't worth the hassle. In London UK, people can take the train to work from many small towns, which is definitely helping population to spread out but for Canada the concentration won't dilute until good public transport is restarted/established.
This explains why there are over 1 million Canadians live in the US and has no plans to go back.
When you realize you've been working hard all your life just to be POOR.
And the high taxes you pay, only for the liberal government to waste it...
@@Madzguy007 All governments waste money.
Working hard doesn’t me and you deserve a house.
Pushing a broom more; Pouring coffee more; never paid for a house.
Here’s a hint; get a trade, get an education, stop looking at Yorkville for your next home!
well suicide is always an option at least for me
@@Ont785 Educated professionals who make $100,000 per year cannot afford a house, much less minimum wage workers. So your "advice" is obsolete. Studio apartments are going for $600k, even towns far away from Toronto are unbelievable expensive. Our markets are pure insanity.
I did everything the system told me to do and I can never dream of owning a house in Toronto. Our generation is the most educated but the furthest from being home owners.
That’s the point. Have you realized you can afford new gadgets and gizmos, but not property? You make just enough to spend it on consumerism, that’s it. And education is an illusion.
wasn't it their new worldview - you own nothing, just rent shit you don't need.
So did I bro. So did a lot of us. This system fucked us hard.
We Australians know how you feel Canadians. It's ridiculous everything is about investments and not having a home. Our interest rates were dropped during lockdowns so prices skyrocketed, new homes are hardly developed, and if they are there out in the fringes of the city with no infrastructure (So in other words you will spend at least 3-4 hours a day just communicating).
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I've completely stopped working
I like how Trudeau is acting like he cares but he’s been in for a long time and hasn’t done anything at all😂
That’s a politician for ya pander to the voters during election and keep your private donors happy when in office 🤦♂️
@@koniJnr yeah and they get away with it because we are nation of 🐑
Often it's the provinces that can have a bigger impact. Them and the municipalities are more in charge of housing supply.
Dude, the housing boom started in late 90s. Trudeau has been a PM for the last 5 years.
Unfortunately, if he wasn't doing it the economy would have collapsed years ago. A huge portion of the West's economy is based on real estate values.
It will fall to pieces one day and the economic fallout will make the great depression look like a tiny recession.
If only we had an organized body of elected individuals representing citizens in all these regions who's job it was to regulate these markets and implement laws which limit foreign investment, lower property taxes, etc. We could call it 'government' and make these people accountable to their constituents.
If only
Keep dreamin
Enact vacancy taxes
Remember that when Ford wants his job back.
Cost of living is going up, wages are stagnant, inflation is hitting hard and there are no more investment vehicles to make any type of significant return. Regular folks about to go through some tough tough times.
"investment vehicles to make any type of significant return" And thats the problem right there, money is for spending, a means of exchange, not as a source for more money. The "return" you get should be the return on your skills, the return on being a good doctor or a good electrician. Investment banking is relatively new, at least, on the scale we see it now. Banks used to sell financial products, like mortgages, and made their money from that. Those days are long gone and the situation is getting ever more fucked.
@Don Juan I bought a house before the pandemic and only put all my savings in crypto, that's my down-payment for my next house.
Its unjust to allow foreign nationals to allow buying a house as a rental property. Specially the offshore companies buy these houses to evade taxes.
they don't even bother to rent them. They just leave them empty.
If foreign nationals can afford to pay the market value then why would a country not allow them to invest? Especially if the locals cannot afford? Countries benefit if properties are sold at high values so they get more tax.
@@Mrvsg20 there's a reason why locales can't afford it, it's because of the foreign nationals. And fantastic a property gets sold at a high price for a single sales tax what's next? Do you think they pay as much in regular taxes?
@@Mrvsg20 Christ is your reasoning retarded.
@@jackster2568 not really. A country would be foolish to ban foreign nationals on buying property just so the locals can afford to climb the property ladder. Especially if the locals are less educated and cannot afford high prices then do you expect a country to reduce its property prices so locals can afford them?
I'm at ground zero here in metro Vancouver. I live in a once-middle class neighborhood. Mostly these homes are being bulldozed and replaced by tacky McMansions bought by offshore money, and used to house the children/housewives of foreign millionaires (what we call 'satellite families'), or just left empty to accrue value.
Meanwhile, those who are dependent on a local income cannot hope to compete - and have watched their financial security evaporate in real time. Those most vulnerable have fallen into the abyss - our homelessness, addiction, and mental health epidemic is horrific in both scale and scope. Some (but not all) Canadian homeowners who've hit the jackpot and watched their equity soar will find any excuse to paint this picture as 'normal'.
Don't forget the real estate agents. They're buying the homes with cash infront, and we cannot compete with them. They also own the rental properties too.
I belive that more housing, less immigration, and stricter rules for foreigners and agents can hugely reduce home prices.
greedy selfish people usually ruins it for others
@@sm3675 also need more regulation and stopping criminals money laundering in the big cities thru real estate. Housing should be 25% of median income for area not highest foreign bidder or criminal transactions
U voted for it stop crying 😂😂😂
2nd largest country on earth. U should get 100 acres land for free.
It’s bad even in small cities like halifax, rents are bonkers. But at the same time in the same province at Halifax, there is a city That is demolishing 300 abandoned houses. Seems like there’s a housing crisis in some parts of the country
More immigrants that trudeau pays to bring in will only raise it more
yeah downtown halifax rent prices sucks. Its terrible and these companies wont improve buildings because they know they have demand
@Repent Is Jesus gonna give me a house?
@@Shadowbrodie No, but you can rent one for 3,000 prayers per month.
Canadians can't afford a house but the Chinese sure can.
It’s all a part of the plan
Much the same here in London where prices actually started becoming unaffordable back in 1997 when bankers started buying up the best houses as investments with their £million bonuses. Since then the wealthiest areas have all been bought up by dodgy Russian oligarchs and other foreign money-launderers etc. many of whom as non-domiciles do not live in these properties - only see them as safe investments in a stable country. Even the better houses in the poorer ghetto-style areas are reaching near £1 million now with average prices for any property about half a million. The average salary in London remains at £31,000 and rents are also extortionate.
Plenty of European and American Oligarchs speculating in the real estate market
This misses one very important fact, even after saving a downpayment of 10%, most canadians earning a median income only qualify for about 300k to 600k mortgage (single/married), so they'd actually need to save for well over 100 years to have enough money for the required downpayment.
Interest rates will creep up and reduce that mortgage qualifying amount. There will then be fewer buyers at current prices. That may then lead to a market correction and we may find our way back to a more sustainable situation. Rates have to rise for that to happen, however.
But people are still buying. Tell me how? Have they been saving for 100 years?
My friend and I had this exact same question: “ But people are still buying. Tell me how? Have they been saving for 100 years?”
My friend is absolutely convinced that some other people our age (30’s) got their money from very rich parents, grandparents, relatives… They’re able to buy $1.4 million dollar houses with backyards in Toronto on very average salaries. We make the same average salary as them.
My friend is also convinced that many people have such rich families, and they absolutely hide the fact that that’s how they bought their house.
We still have no idea how such families have so much cash to gift to their children.
@@giainto5564 It could be true for some but not for all. I live in Brampton and that market is HOT for expensive houses. I make around 80K but still can't afford to buy a house. That sucks. Meanwhile my 25 year old friend bought a Bungalow in Winnipeg for 400K and a Pallisade in the same month. He makes half of what I make here in Mississauga.
@@giainto5564 Wealth produces wealth incredibly rapidly.
If you had saved a million by 2010, and thrown it in any random SNP500 index fund it would be worth 4 million today.
Similarly if you bought a few investment properties back then, and had renters pay off the mortgage for you - you'd be up millions today.
Most people earning less than dual 6 figure incomes that are buying homes today are either getting huge cash injections from parents, or in a rare few cases have pretty extensive downpayments from working in the oil fields for a few years.
Is this Canada or Australia? The similarities are astounding
Both are a target of a particular demographic - wealthy individuals looking to get their money out of authoritarian countries, and into a friendly open society that doesn't ask too many questions. Meanwhile many of the citizens of our countries are bearing the burden.
This is true for Australia too . In both countries the government and the building magnates have encouraged foreign buyers . This has inflated house prices making the builders obscenely wealthy but impossible for first home buyers to get in. Ironic in the two countries with a huge land mass and small populations
Stop immigration and build more homes.
Think about China, or Korea, House price in Canada or Australia is quite fair.
@@yingfengxuan nope, not fair, absolute crap. Fair is anyone on medium wage being able to afford a home.
It's a pity. If only this country had the space to build more housing.
Lol
I got your sarcasm... The thing is..... Everybody want a view of the CN... That's the problem.
Yeah unlivable space. It gets down to -35c in toronto in the winter. Anywhere else in canada sees -40c in june.
@@Haseeebo that's a lie... Jan 10th1859 the lowest temperature on record in this city - 33....is a fact... Prove me wrong with I think.. I believe.. I suppose.... Try... Minus 40 in June... Lol.... You don't even live here....
@@Haseeebo You don't know Canada. 300,000 - 400,000 immigrants go to live there every year. Those temps don't even exist at the north pole in summer.
I wonder why no one takes a deep dive into identifying the underlying reasons for these increases in property price. If it is supply -demand disparity, why aren't enough housing projects undertaken?
Money laundering is a big factor. A lot of people involved making money are looking the other way.
I cant speak for canada, but here in the netherlands bureaucracy is a big issue. Building projects need a lot of permits from counties and on top of that if a neighborhood is against the building of new houses the projects can be delayed or cancelled. This could be the same case for canada
Because zoning laws make it illegal. Most neighborhoods are zoned for single family homes in the US. Even areas zoned for multifamily complexes face ridiculous restrictions like minimum land per unit and minimum parking requirements, making it nearly impossible to offer efficient cost effective housing. So the only thing that makes sense for developers to build are "luxury" apartments everywhere.
Its greed,allowing people to buy and then sell for higher price a few months later,when enough people do that,it becomes average price of a house
I am not sure but vancouver and toronto have some kind of geographical barriers for expansion too. They may be borders to provincial parks or sth like that.
i live in vancouver and i wil say for a fact that a lot of the top top tier houses here have been literally devoured by wealthy immigrants, mainly from iran, china, arab countries, and europe
This is the problem that government allows for that. Unless these immigrants are citizens. Probably they will offer them visa and citizenship if they invest enough
@@flesz_ no most of them are foreign but have the money too. Just say it with your chest, you're salty that theyre more successful than you so want to pin the blame on them
@@user-dn1tx6dj7y say it to Canadians who have decent jobs but can't afford to buy.
I'm sorted , have a nice house and looking to buy another one.
You can Fuc# off now
@@flesz_ and who creates these systems where money is given more value over its citizens? Your governments. So don't cry after you vote for these governments who care more about making money than providing it's citizens with affordable houses
Immigrants are fine. The issue is foreign investors. They don't live in Canada and buy up properties and even leave them empty.
I'm glad you shared this subject.
It's not just Toronto.
A $325k townhouse sold for over $900k here.
Renting has biding war's too.
The average 1 bedroom is $1,900 and people will pay far more just to get housing.
The big problem is bank's are financing against other properties equity. No cash transfer on purchase so values and finance inflated until bank takes back during default.
It's a shell game and forcing people to pay over 45% of their income for housing.
Eventually all this will collapse.
Are you joking
The average one bedroom in Manhattan goes for $3500/month, and if you don’t want rats, then you have to pay a least $4500/month
@@Julius-dl2ze i see why so many folks live in tents now all over the world
@@Julius-dl2ze Mind you, you are talking about Manhattan, the downtown of New York City, not the city itself which is surely less by a margin
@@laith09 yeah thats what I mean, but many cheap areas outside of Manhattan are becoming more expensive, maybe not $3500 for a 1 bedroom with rats, but surely more than $1900 for 1 bedroom
@@Julius-dl2ze 😂😂😂
Problem is driven by greed when people think housing is a guaranteed investment. There’s no shortage of land in Canada and population isn’t growing exponentially. When this bubble pops it’s gonna destroy a lot people’s finances.
Everything is in a bubble right now sadly. We can only hope it all crashes like it should. If not it will be a lot worse when it does eventually “pop”/collapse.
It's Canada, they won't let it happen. They'll just support people who make irresponsible decisions as usual
some people have already retired waiting for it to pop. And look at those houses posted for 1 million but sold for 1.8, there is always someone with a big bag waiting.
I'm Canadian, and our government needs to tackle this issue. It's just not TO, but other canadians cites as well. Shelter is a basic human necessity.. this should be there top priority.
Can you tell me what other cities
@@aksellelaure6554 eveywhere, from vancouver all the way to new brunswick.
@@ryy597 but I saw some comments saying that New Brunswick is way cheaper . Sorry I'm wondering if Canada is a suitable place for university studies and I lack knowledge about these things . Because where I'm from everyone is saying that I should go to Canada to have a good life and work pays well
@@aksellelaure6554 new brunswick is cheaper yes that is true, probably the best place for studying. But in moncton, fredericton, saint john, the 3 biggest cities. The same problem is happening. People working at minimum salary struggle to keep up with rent, let alone save enough money to make a down payment on a house.
Human rights should be a priority too... but I'm about to lose my job because I don't want to partake in humanity's greatest drug trial. I'm not anti-vax... I'm all for tested and proven vaccines, but this one was cobbled together in 6 months, tested for less and given an emergency pass.
I'm a second class citizen in my own country because of scared, misinformed people.
In Korea especially Seoul Metropolitan Area, the situation is similar with that of Canada.
Prices are going down here in kabul.
@@fourthright I don't mind moving from Canada to another country for more affordable life but Afghanistan, ummm................ did not have that on mind
@@fourthright I wonder why... 🥴
@@fourthright lol
@@fourthright mhm its not like there's an obvious reason for this
Seems like banning foreign purchase might be a good idea
Hedge funds and big banks are buying up property and renting them out in record numbers across the globe. They can very easily open a shell company in Canada to buy houses.
China owns Canada, it's not even opaque
You don't ban it - you can't assume your new very limited amount of buyers can afford to maintain the housing market. You lease it like Mexico does or choose an alternative system.
The problem is that there are dozens of ways to get around citizenship-barriers (birth tourism, straw-buying, etc.) There are, however, ways to ban their money, and hit them with steep taxes that would incentivize them to list their homes, recoupling them to the local market.
How about just raise the tax for foreign buyers, and then use that tax to help domestic buyers.
It took Ray 35 years to pay off that Trailer. Too bad Ricky had to burn it down lol
Look nobody wants to admit to eating 9 cans of Ravioli, but I did and I’m ashamed.
Way she goes
Well Bubbles already took the blame for that so Ricky can't take the blame if Bubbles already tooken it
Flames golfing everywhere!
That’s the way she goes.
Same situation here in the Netherlands, avarage house price is around 500.000 canadian dollar (350.000 euro) and increasing 16% per year. But one difference would be that we dont have space to build whereas u have a lot
That's a good point. Canada just isn't building fast enough.
Don’t forget most of the country is a frozen tundra. And where it’s not, zoning will not allow farm land or green areas to be developed. But still, they could indeed try to develop other areas other than Toronto and Vancouver.
Its a sad scenario... And how much of your income is taxed in nederlands? I bet its more than how it is in canada
@@7of9 no our politicans are dong this
@@slohmann1572 what crack are you smoking tundra starts in the territories its our municipal leaders causing this buy limited what type of permit they issue and the cost of one
As Chinese I must say that the corrupt officials from China had played an significant role in the skyrocketing price of Canadian housings.I think Canadian government should impose stricter policies to hinder the immigration of investment while encouraging the talent immigration，which is beneficial to the development of Canada both in tax and technologies.
Good suggestion but I doubt the federal government cares very much, if not at all. They know very well it’s happening, yet they let it happen and take advantage of it.
This is detailed in Wilfull Blindness, by Sam Cooper.
State sponsored drug cartels from China are importing drugs, laundering proceeds in provincial casinos, buying and selling real estate over and over again to launder money, and using underground banks in Canada to get around the $50,000 USD limit of capital that Chinese people can remove from China.
But Canadian politicians think it's "racist" to impose restrictions. These politicians are informed by federal intelligence agencies that there are problems, and have been for 30 years, but Ottawa politicians like to shut it down and let the capital flow into Canada.
@@cptstubing corrupt fat cats in bed with criminals
no hope, western governments are even more corrupted than china. it is already defeat
It’s Canada’s problem. China want them back but Canada want them to stay cause they are rich. China have sent out many wanted orders
This problem is almost everywhere in the world. So sad
Imagine 2050.
Worlds slowly falling apart due to overpopulation.
Will any government take any action to make a 1 child policy?
Probably not🙃
Not in USA
@@kartiknamdev2692 Do you actually live here?
@@synthraofficial5366 no. But you can buy a great home in 300k usd in US.
@@synthraofficial5366 also skilled people earn more than twice the money than Canada.
Am I right?
The joke is by the time you save all that money for a down payment, the houses you had in mind are now wayyy out of reach. Wages will never catch up with inflation.
That's not inflation. Inflation is a general rise of prices, including wages. That's a bubble or bad polices which just increase the price in certain places
@@juancarlosherreraburbano194 I was talking about the general increase of cost of living vs earned income, not just real estate prices. Everything is going up much faster than our wages .
I was watching to see "Why it takes 30 years to buy a house in Canada" when suddenly the video ended.
If you wanted to tell me that it was due to "affordability" you shouldn't have bothered.
I'm not stupid.
Politicians are just talk and no action type of people. But hey thats democracy right.
@@McBotabeans well its democracy.. its true aight?
Politicians are all the same in every system. But you can complain about it in democracy.
So yeah, democracy ain’t it?..
Investors should not be allowed to participate in elections. Across globe. Investors are keen on participating in governments. Election commissions should intervene.
@@jobinjoseph5205 investors are still apart of the american people and general population so if investors can’t, you and I can’t
@@kamisatoayaka9039 it’s obviously corporate run socialism just like it’s befuddled neighbor to the south
These jokers have such a huge land area and megre 30 million population. And they are having housing crisis. Rest of the world should just give up then.
As a Canadian, I laughed heartily at your comment. I also don't understand.
You can't live on solid rock mountains, or expansive barren plains, with no water sources, like we have here. Nor can you live where you can't work.
As it stands a lot of Canadians have very wicked long commutes, simply because there just isn't the jobs where they live. Where there is jobs there is no affordable housing. Where there is no jobs there is no money. Where there is no money. there is no homes or businesses being built.
Lol jokers yes but it's more so our government that are responsible for that. They intentionally only develop the urban areas thus forcing everyone to live in the citys. Why intentionally? The higher the price the more taxes they collect per transaction. So our leaders only talk about the problem so we vote them in. But then once in they just keep the status quo.
You'd have to be pretty hardcore a Canadian to go live out in the forest with no plumbing or grocery & no job lol.
You are not Canadian and fo not have the authority to speak on us.
In the gta, we have something called "the Green Belt". This belt snuggly hugs Canada's largest cities (greater Toronto area). In this belt subdivisions, apartments, commercial, and residential is limited. We are cages in. We can only grow upwards and start using land productively. Not to mention we have ALOT of immigrants coming in, 300-400 k a year, doubling in less than a decade.
The green belt is a government initiative, supported greatly by eco nazis who do not like success.
It’s like that everywhere though, real estate market is so fucked. Specially income not rising as much as everything else
Look at the house price to income ratio chart in the video.
@UCG4QdWhlSEbREg8cH_FnXzw fuck off with your religious bs
japan isnt that bad
It's not just Toronto. I grew up in a small town, about 2 hours southwest of Toronto. I have lived here my whole life and housing prices have now pushed me out. It costs the same to rent here as it does in Toronto. Think about that, this place has nothing, no subways, no shopping, this town has no resturaunts but it costs the same to rent as a condo in Toronto. The housing problem in Canada is actually fucked and I fear for my future
I’m curious the role Airbnb plays in this, seems like there’s an insane amount of people buying multiple homes just for Airbnb
True. Airbnb is pure evil for local residents. Many (a very high number) empty places were offered on airbnb before pandemic instead of renting.
Yeah, but the trend was already on its way before Airbnb. Airbnb is just a symptom. if anything its just pouring gas on the fire
Agreed…
And apartments
I think, Airbnb is taken care of.
Last year, govt passed some new regulations.
What they failed to mention is that rent has rapidly increased at the same rate as house purchase prices so ppl who are renting are very challenged in actually saving to make a down payment. I just bought a relatively run down home for just shy of $1M in the least desirable suburb of Toronto. There was literally after coming through the ceiling the day before I took possession but I had to take it because in the 2.5 Months between when I made my offer and the deal was to close, the home value had increased another $50-75 and had I walked away from the deal, I’d have been no longer even able to buy a house.
you got ripped off, if you followed the trends and data you would know the great crash is coming.
All part of the plan
Can’t Buy A Home? That’s The Idea - And This Is Why - David Icke Speaking In 2018
Copy paste you know where for full story
@@andyd5071 She got lucky and was priced out now the Chinese in Markham and Richmond Hill are coming off the sidelines with bidding wars even with mortgage rates around 5 percent instead of 1.5 percent. Soon Richmond Hill will make new highs as its barely fallen in price since February 2022.
As a 20 something with savings making a decent amount of money I still can’t even dream of owning a home
Depends on where you’re willing to go. There are plenty of homes available well under $ 500,000
What do you think is a decent amount of money; Obviously isn’t.
Why don’t you just buy an investment property in London; or is that unfair too?
The Canadian govt constantly misses on foreign investment control. Vancouver is as bad with astronomical real estate prices driven significantly by foreign investment and shortages.
@Mark L because we shipped all the manufacturing away and had to make up the difference by making housing 30% of the economy.
@Mark L Because people are brainwashed and continue voting in liars like Justin Trudeau. He blatantly lied in 2015 when he said he will make sure all Canadians can buy affordable housing. He lied in 2021 election as well: he won again and has not and will not ban foreign ownership again. He knows he will win every election from the bizarre people who keep voting in their oppressor, so he has no incentive to.
@Mark L cause this country is retarded and voted for a leader to legalize marijuana. He juked all you mofos and now no other potential leader can even fix this mess. Shit man I guess Harper was a better leader lol
foreign: pretty much just the Mainland Chinese. they drove up the prices everywhere in the world.
@Mark L Unfortunately the prime minister of Canadians, Justin Trudeau, is an out of touch, immoral, bourgeois who doesn't share your believe: he believes that Canadian citizens who spent a decade in post-secondary education and become professionals and contribute to society should live with their parents till 40 and still not be able to ever afford a poorly constructed shoe box glass apartment because uneducated foreign millionaires via birth advantantage and or with dubious ways of making money should instead buy dozens of private Canadian homes and rent it back to young Canadian doctors and lawyers who spent 30 years in school.
Build more housing and stop foreign investor buying in Canadian market if they’re aren’t gonna live in the country... stop mass immigration if the housing market can’t keep up
Hello Maria, how are you doing today?
I wanted to migrate to canada and saw your comment.
:(
It’s not foreign buyers at all. I was a realtor for a year. It’s the new immigrants who just got PR card and then become qualified for bank’s special loan policy.
@@georgecarlin4461 actually I like Canada , if I move there , I will stay there
i read in the newspaper that studies show foreign buyer is not the problem there because they only accoubt for a small percantage of total house buyers.
Government needs to ban foreign investment in housing markets.. Living in Canada is already difficult don't make it more difficult for common folks..
We have the issue here in Australia. I personally think all countries should cease immigration and truly slow down this. It is wrong. Policemen , teachers,
Nurses how can they afford to live and work in an area that need their skills?
THIS COMMENT!!!!! 💯💯💯💯
@@australiamyway it has nothing to do with true immigrants. Most newcomers came from lower backgrounds, and cannot afford housing. The root of the problem come from foreign rich people namely Chinese that invest in real estate but don’t actually live there. Don’t get confused
@@australiamyway cease immigration?are you crazy dude.. Canada economy is heavily dependent on immigration..only highly skilled workers can immigrate their and it takes a lot of time for them to buy home restrating their life from scratch.. It's wealthy foreign investments that is corrupting the market
@@rhisavbora2975 your residents will have no where to live & not afford it. You are probably like australia, Hand out the dole & under pay migrants. This is what happens in our country.
Most people have no clue how to manage money. So first thing first. Then you think about having a house. You are not going to pay a mortgage using a credit card.
I live in rural Ontario. A house near me that sold for 400k in 2013 is listed for 1.5 million today. That is absolute insanity and not sustainable.
It’s sustainable because investment firms are now pouring money into residential real estate and govt doesn’t care
Don’t plan to move to Canada, it’s not the place for peaceful life. It’s more financial burden. Not balance here
Thank you... Mumbai us way better
A Toronto realtor recently stated that over 85% of working couples in Toronto will never be able to afford a home.
People who pay this price are insane. Move two hours north and its reasonable. Canada is massive, you dont need to pack 80% of the population into 1/50th of the country.
Where's work? You have to spend 4hrs a day on top of your 8 hrs plus overtime on commute. Think before you speak.
@@bhajikhan7660 there is so much work in Montreal and around the city. Even on the island, the avarage house price is around 500 000. It drops to 300k or so about 30min-1h away from Montréal.
It's even cheaper in Atlantic provinces. Noone forces people to live in GTA or Vancouver.
Paris, London, New York, Moscow and many other major cities are also way more expensive than other cities in respective countries. It's life
Also working remote is more viable these days
But most of Canada is uninhabitable. And the only inhabitable places are along the Canada-US border.
@@antonnnn464
We’ll it’s good to know that housing is a GLOBAL issue. Rent is insane everywhere
Live away from cities. It'll be dirt cheap to live
@@aachyut7558 true)
It is global, but if you look at the chart it hits Canada worse because they have those high prices but low incomes.
No, not every country. Japan and Korea have very reasonable rent. They do not have ridiculous zoning regulations that limit the supply of housing like the US does. You can get a decent studio in the middle of Tokyo for like $700 a month. Even less if you want to live outside the middle of the city.
@@WhatIsThis-zq4hk Not sure about Japan but Tokyo housing is very very expensive.
The most surprising thing is that Canada has only 38 million people in total.
How such a small country in population can have such an expensive real state market is just beyond belief.
I live in downtown Vancouver, have a decent job, and there is zero percent chance of me owning a home anywhere near where I am now.
I bet you can get a nice chinese takeaway though....
So leave
Scenario 1: After 30 years of saving up for a down payment, you get "that's not enough money saved, you need to save for another 35 years now"
amazing that first house sold for 1.8 million dollars in Toronto when you can buy the same house in Gary indiana, on the other side of the lake for $18,000.. and no that's not a typo.
Gary is pretty run down, but I get your point.
Isn't that the town from that stage play?
But Gary = Detroit 2.0.
5% commission for agents - Overpaid and under qualified profession
Really, and houses are Selling for over asking? Doesn’t seem too crazy for me
At this point it's easier to buy a sprinter van and live out of that.
It DEPENDS WHERE YOU LIVE in Canada.
Toronto is where 80% of immigrants end up. The demand is higher than the offer. Prices go up.
Vancouver can't expand sideways... Its got the Rockies and an ocean keeping its footprint small. But LOTS of people want its climate and vistas. So only the rich can afford it.
Montreal is getting more expensive, but its STILL cheaper than mid-sized prairie cities, or even Halifax. The rest of the country is affordable...
I live in a nice all-inclusive condo in the trendiest place in Quebec city and I pay the same as my bedroom in a rooming house in Ottawa last year.
And its just as beautiful. And trust me. Quebec city is NOT colder than Ottawa. I lived in both and winters are almost the same. We just get more snow.
AND real estate has become a MAJOR money laundering issue. Which we will hopefully fix soon.
@@TheJimprez the work you do would influence living somewhere like that too, but if you need a shelter I guess you do what you have to.
Hello Kimberly
Exactly what I'm doing, I'm living on that street the 1.8m home went for
@@Gravitics must be happy summers over ! Vanlife in the summer sucks haha
26-30 years to save for a down payment assuming the prices stay the same... a 5% increase on a 1.5m house in Toronto or Vancouver went up by about $75,000.That's more than a lot of people take home each year. Those people worked for a year and essentially lost money...
I build new homes about 30mins to a hour outside of Ottawa and even here the prices have skyrocketed. A semi detached town house with 2 or 3 bedrooms are selling for nearly $700,000 or more. I’m 25 now and when I was 8 my parents purchased the same type of home $250,000
You used to just pay the first and last and sign the form. Now you have to jump through ridiculous hoops just to rent a cockroach filled slum apartment.
I don't know where you live, but what you are saying was never the norm in all provinces. In Quebec for example there is no deposit and when the lease is signed the renter can practically live indefinitely in the rental. The landlord can not cancel the lease at the end of the contract. The lease is renewed automatically if the renter does not wish to end it.
@@sarahhopeful6683 I should have been more specific. I meant the GTA (toronto) rental housing market.
@@georgehenry76 it’s funny that o me when people say they are visible minorities then you drive around the city or ride a bus and mostly see people who look just like them…you’re not the minority anymore you are the majority and you wouldn’t be having it if we did that in your countries
This doesn't seem hard. Make it illegal to buy houses unless you live in the country, or are a Canadian citizen intending to rent it out. Lower interest rates and subsidize builders so we can flood the market a little bit.
In Poland is the same. Young couples buy condos thanks to 25 years long morgages so the perspective is that they will work the whole life to pay debts. There are so large needs on housing market that all condos are sold before the buildings are finished.
There isn’t “a lot of blind bidding” - there is only blind bidding.
Sounds like Australia,hard to even find a rental let aloan buy a house.
australia is huge, tell those lazy tossers to build more houses
What bullshit. Plenty of houses to rent and buying a house is also easy.
@@astroboirap huge ?
@@astroboirap mate I work with building industry we're in lock down and building materials are hard to get and to get a rental is bloody hard going,we might have lots of space,but can only buy land when it's up for sale.most of Australia is desert idiot
Too much land banking. Not enough moderation and taxation on the rich who sit on land for years without developing it, just to get money further down the line. It's happening here in NZ too. In Auckland there's around 40,000 homes owned by overseas investors that aren't rented, used or developed, and we have no Capital Gains Tax to moderate it.
There needs to be a ban on foreign ownership of property and land. Only Canadians should be able to buy. Should be the same for the UK only British citizens should be able to buy land and property. Foreign capital is damaging the locals lives.
I guess you have no idea what foreign capital means and the benefits it gives to the country where it is invested in.
There shouldn't be a ban but a limit
I think if a forgien buyer can prove (without a doubt) that they reside in Canada, and in the city of there house purchase, FULL time. Then the sale should be approved. Its forgien investors that are buying up homes and just sitting on them, leaving them unoccupied thats a fairly large part of the problem, especially on the west coast.
@@McTeerZor yes, residents should be able to buy. Just not people that are neither citizens nor residents.
@@alihussain4349 Yeah. Like the amazing benefit of no one being able to afford housing, and even renting stretches many to their last dollar. Foreign capital in this instance benefits the top crust of society, and hurts about 80% of the population.
That is because Canadian market (as well as Australian) is open for foreign buyers - mainly Chinese. Just think about numbers. The population of Canada is 37.742 million people (in Australia 25.5). In China there are 1.5 billion people. Yes, the majority of Chinese don't have money or desire to move abroad. But 46.8 million people in China are dollar millioners. And those 46.8 million people need to invest their capital somewhere. Thus, even if 1 million people from those 46.8 enters Canadian or Australian property markets it brings a huge shift in prices. But I think we are not dealing only with million.
Rich people don't have such concerns about prices as the middle class of original population. That is why they buy expensive property for investment purposes. And that accelerates market prices.
Plus we have huge torrents of immigrants in developed countries (to Canada, Australia, EU, US from Africa, Asia and Latin America, and even to Russia from Middle Asia). All those millions of people need some place to live. That gives us another factor of prices growth.
Rent is often the same price if not higher than a mortgage payment in most Canadian cities. 😓
I was going to sell my house here in Southern Ontario and move to the Montreal area ( I speak fluent French) but prices there are going up rapidly, in fact they are going faster than any other market in Canada this year. Two years ago the average price was $360,000, this year it has gone up to $560,000. There's no place to hide and renting is out of the question. Rents have soared in Canada over the last 10 years. Where's the government?? Dealing with more important matters like legalizing pot!! We're doomed.
I just came back to montréal too ! It's crazy ! Madness...
Prices aren’t as high outside of Vancouver and Toronto metropolitan areas. Certain neighbourhoods in Montreal are still affordable. And once you get further away from major cities the cost goes down. But the major cities are where the jobs and amenities are.
Construction materials like lumber, concrete, pvc piping, shingles..etc has almost tripled in costs just in the past 3 years. New home prices in Canada will never be affordable because of trends like these! - Average wage earners must leave the big cities for small towns if home ownership is ever attainable for them. But not many people wants to live in a "Hick-Town"
It’s about to go up even more soon. Average Down payment alone 45-50k here
❶❸❶❸❼❼❹❹⓿❾❷📨
And in this scenario, after saving for ~30 years the house price growth will have far outstripped the wage growth so you’ll still be well short of the required deposit
In 30 years, just when you think you've saved enough, the median house will be 3 or 4 million dollars, and salaries/wages will probably be only marginally higher. It'll take 100 years to save up enough for that, but by then...
I'm a real estate agent in Toronto. The market is getting out of hand. The suburbs has increased by almost 40% in the last year.
Why it happened?
@@larryjohnson4606 gov, banks, realtors, criminals money laundering, foreign buyers outbidding locals, shill bidders, greed
@@plowking813 o i lived in South Asia here housing is affordable
@@larryjohnson4606 Depends on how much you make. An average income earner cannot afford a home in big cities in these countries too
I’m currently in college and am afraid that no matter what job I acquire, I will ever be able to afford buying a house in the area that I grew up in (Seattle area). The prices have gotten absolutely insane, my parents home in the last 10 years has jumped up from $250,000 evaluation to $700,000 evaluation
The Canadian government brought in 21 rules to try to kill the Vancouver housing market April 20th 2017. The Chinese buyers went down to Seattle to buy there instead after that.
It seems also that the "rich" push the prices higher in bigger cities and "privileged" places within those cities, not just about house payment.
They also have more than one house... Then rent them out for stupid prices...and none can save up ... Then they buy another one...rent out again...
@@kthearcher3357 greed
Canada is soo expensive you can work a million hours a week and can't afford anything. They only pay you a decent wage after years of struggling and then everything keeps going up in price constantly. It used to be a much nicer place in the early 2000s when I first moved there. But then afterwards the Canadian dollar became more and more crap. Luckily I moved back to London UK where I'm praying we don't end up like Canada, overly priced with higher wages but not enough to afford much and heavy regulations on everything to make thinga unnecessarily difficult.
I used to live in canada. It sucked. I moved to calif ( bay area). Tons of opportunities to make money and make really good money. Can buy 4 houses in toronto with cash now. Move to calif, canadians :)
@Di Ane better we should live in road . No need to pay 😌
This is a bullshit video Toronto is not representative of Canada just the busiest city in Canada .
Crazy how aligned this is to New Zealand aswell.
When I moved here from the UK it is eye-watering to see how bad the housing crisis is.
It's understandable in New Zealand since it's such a small country, but Canada is massive and half the year is freezing cold so becoming homeless here can literally mean death.
The builders sell their properties at an over priced rate, this drives the prices up in and around.
I am looking overseas.
When the average price of a home is 1 million you know things are really bad.
People used to build their own homes... but they've outlawed that...🤔
@@ninianstorm6494 Are you okay?
Its illegal for me to build my own house in Canada?
@@civilengineer3349 go try to do it without getting 15 permits
ruclips.net/video/KAf39zDemIU/видео.html
Land bought by developers just sitting stopped that.
Land you can't rezone for less property taxes stopped that.
This is crazy. I wanted to immigrate and settle in Vancouver one day, but now it feels like a bad idea
Things are similar in Sydney, Australia. But at least you can go to the beach :)
Its because of greedy politicians, hungry property developers who bend the rules and foreign money.
I live in the US and I could NEVER handle those winters let alone those housing prices!!😱
You would since you won't be buried in massive debt from medical bills.
Winters yes market no.
@@sweiland75 a lot of countries have “free healthcare “ and have way more than Canada offers. It’s way too overrated for nothing
The point is americans go into lifelong debt for a broken leg.
@@sweiland75 Well I couldn't afford to buy a house either! I would be interested to know how much it costs to rent an apartment...
It’s definitely not a matter of supply in Toronto. 30% of units are vacant tax shelters.
You are delusional. Vacancy is very low in Toronto, stop making up numbers cause you heard some stories about Vancouver.
You probably dont know what 30% means....
Not true. Perhaps for single family homes that would be possible, but in apartment complexes the units are not for sale. Tight zoning laws that restrict the supply of rental units causes high rents. Tokyo has very loose zoning restrictions and housing prices are stable. Japan also has the lowest homelessness rate in the entire world.
@@WhatIsThis-zq4hk Toronto is building everywhere. Housing is unaffordable because it's designed that way
@@lukatosic09 it’s designed that way because zoning laws force developers to build that way. Minimum parking requirements, minimum apartment size requirements, minimum land per unit requirements, etc all force developers to waste money and resources so the only thing they can afford to build are “luxury” apartments everywhere.
Canada has always been my life long dream country, though I have never managed to actually immigrate there. After watching this part of me can say I am glad I didn't.
Which country are you at now ?
@@selkoa8384 I live in England.
England is the same story, they just drive on the other side.
@@mushypork2132 that couldn't be further from the truth. Canadians and English are a hell of a lot different. The weather, environment etc. The only positive thing about England and the UK is its economy, and overall acceptable housing market.
Both horrible countries. Equally
Thank gosh Canada is a whole lot more than toronto, vancouver and montreal.
Montreal is actually pretty cheap although it's increasing rapidly.
It is? lmfao You can't always tell that living in Toronto.
Even cities like KWC an hour outside of Toronto have house prices of 950k or more.
Most cities outside of the big 3 are small hick towns with nothing going on.
And When you compare toronto to world class cities IT has nothing going on.
Probably there will be many reasons for high price, But in most of the other countries efficient framework to plan a house according to the environment gives a chance to decrease price a bit.
I have two beautiful two-floored houses with 2 acres of land each back in my country. I dont live in a super metropolitan city but I have the facility to just buy a plane ticket and fly to America or Europe for a getaway vacation with the family. Each property only cost about $80,000USD. This includes land and structure expenses. So I am baffled at the ridiculous prices in these cities for a miniature livable space. This is not to say that I don't love big cities, I lived in London for 3 years back in my mid 20s and do reminisce on the many facilities of living in huge cities. But damn, those prices are just crazy!!!
@@IngVivas Your space was at very good shape with house and land it accompanied with though, I feel there is lot difference for a big cities and kind of place where your houses were located 80k is reasonal price.
The liberals and the NDP reStrict any new developments.
Too many trees have to be cut down, so here we are left with low inventory
It's not just in Canada, it appears in a lot of countries (mine, Bulgaria, included) prices for properties are skyrocketing and it is becoming increasingly harder to find yourself a new home. I'm worried it wouldn't become better for us anytime soon
There should be a ban on buying housing for investment. Don't treat housing like the stock market. If you have millions of dollars, invest it, don't buy houses and let them be empty and then sell it for double the price a few years down the road.
“More out of reach for many Canadians.” That statement is laughable. It should say “housing ownership within reach for very few Canadians.”
They are is bbc new
In Denmark, I bought my house for about 80k British pounds. 4 bedroom, huge living room. Quarter of an acre garden. Got to love living in a social democracy.
Your banking laws are sane. Canada isn't
Good for you. Maybe I should find a nice guy from your country to marry and leave Canada. Canada is not such a nice country as many proclaim. It’s all a propaganda.
Yeah I dunno y idiots in canada won't vote for ndp
Don't lie. The average house in Copenhagen is at least 500k USD now if not more.
Either you live in the middle of nowhere or you bought your house 10-20 years ago. Denmark had the 2nd quickest rising housing prices in the EU and the highest personal mortgage debt of the EU. Housing prices are going insane in Denmark as well thanks to negative interest rates. You can't buy a decent house in Holland either.
You can also buy a cheap house in Canada, it'll just be in the middle of nowhere.
@@yvohei sure, Copenhagen is expensive, just like London, New York, Paris. All major cities are. Why would anyone moan about those prices. I live on Fyn. Hardly the middle of nowhere. I live 20 minutes drive from Odense, the 3rd largest city in Denmark. And I bought it 5 years ago.
By the end of 30 years the house price would be 2M on average.
Probably 15 Years I would say.. Considering that inflation is now higher
WW3 will happen before that
Bought my beautiful 4 bed 4 bath detached home with a big yard for only 340k in Edmonton AB in 2020 😎 34k down payment.
Big cities around the world are expensive, Toronto is no different.
true. Even in Pakistan , where im from , prices are very high in big cities.
What's different is the level of transportation available, job market and salaries. What you clearly missed is that Canada has the worst Income-House price ratio of the whole OECD. Some places that are expensive have good wages too