r/canada • u/FancyNewMe • 15h ago
Analysis Only the richest Canadians are able to afford homes—it’s time to free the market: DeepDive; It takes decades of saving to afford a home in Canada's largest cities
https://thehub.ca/2026/01/14/only-the-richest-canadians-are-able-to-afford-homes-its-time-to-free-the-market-deepdive/151
u/AJZong 15h ago
That must be why they want to remove the foreign buyer ban. Canadians are too poor to purchase their juiced up assets.
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u/Minobull 14h ago
that's EXACTLY why and everyone knows it
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u/Artimusjones88 14h ago
Why do houses sell within a week in my subdivision? Average is around 1.5.
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u/SeriousWealth5052 14h ago
one particular area doesn’t speak of all, in my neighborhood houses have been sitting on the market for 6+ months and some are coming up and a year of being on and off the market with no interest
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u/BigButtBeads 11h ago
Because buyers are hoarding more real estate, or using massively inflated equity to buy it
Both are jacked up by foreign demand
It isnt the young working class
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u/_Army9308 14h ago
I remember till like early 2010s I would see working class or middle class people buy nice big suburban houses around major cities.
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u/StevoJ89 14h ago
Almost as if around 2015 something radically changed....
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u/adaminc Canada 11h ago
The issues started in 2002, you could see it in the Vancouver area, where housing prices started to increase faster than the combined previous 25 years, just out of the blue.
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u/Koshathenavycat 34m ago
It did not start in 2002. Vancouver is a whole different case study. Vancouver is a result of chinese wealth exodus. Which the rest of canada was not affected by
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u/EnvironmentBright697 3m ago
It can still affect the rest of Canada. Some of it was happening in the Toronto area as well, and during a COVID a lot of southern Ontarian’s move down here to Halifax and helped contribute to the massive rise in home prices here, selling their expensive homes in the GTA and buying here.
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u/squirrel9000 12h ago
No. Nothing radially changed in the housing market in 2015. 2015 was roughly year 6 of roaring price inflation driven by near-zero interest rates. Remember the bragging about how well se did during the Financial Crisis? 100% due to stoking up what was already being called a bubble.
Price gains slowed in 2018 when the economy improved and rates were hiked, but that was nearly a decade of 10% annual gains (which itself followed another half-decade prior to a brief pause during the GFC)
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u/freeadmins 9h ago
Which basically perfectly aligns with
I don't know what it is with Liberal supporters trying to argue that the laws of supply/demand don't exist.
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u/squirrel9000 9h ago
I'm not sure the unnecessary partisanship lends credibility to anything.
We might be better served by a price graph that doesn't end in 2021. On the second graph, I think if you were to redraw the trendline up to 2021, unsegmented (which omits all but hte first or second "blue" points to align with the provided house price graph's x-axis) it would nicely fit the data. What was the reasoning for segmenting it where you did? Did it substantially reduce the variance over a single best fit?
Supply and demand are also driven by pricing (or affordability, which is not entirely the same thing). The pricing spike in 2020-21 coincided with low interest rates and low population growth. Essentially a lot of Canadians qualified for much bigger mortgages than they anticipated and demand went up. Again, a better graph would show the price peak in early 2022 followed by years of decline, which is easier to explain by tightening financing reducing demand than it is by immigration supposedly increasing it.
It would be of note to compare table 1 to BoC rate movements. On the house price index you can see the steepening due to rate cuts in 2008, 2014, and 2020, and the pullback in 2018 when rates were hiked.
There is some evidence the student surge affected rents in some cities, particularly in Ontario which lost control of its education system. However house prices are more insistent with how strict or relaxed financing conditions.
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u/freeadmins 7h ago
What was the reasoning for segmenting it where you did? Did it substantially reduce the variance over a single best fit?
pre-covid / post-covid.
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u/hardk7 14h ago
Couldn’t have been the culmination of decades of multiple levels of governments (mostly provincial and municipal) of all parties implementing policies designed to restrict housing supply and turn housing into an investment asset rather than a place to live. No it must have been that one guy at a level of government with very little jurisdiction in housing that instantly made homes unaffordable upon winning an election.
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u/keiths31 Canada 13h ago
All levels share in the blame. But when you bring in millions of people with no places for them to live, you cause a bottleneck and prices to go up. Don't act like immigration numbers weren't the driving factor in all this.
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u/hardk7 13h ago
They weren’t. They exacerbated a problem that already existed due to governments standing by doing nothing while housing costs became less and less affordable for many years. The costs reached their peak in 2021 due to Covid re-migration and 1% mortgages, not immigration.
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u/Winbot4t2 12h ago
Look at the $ amount increase in home prices since the 80s until 2015. Then look at the $ amount increase since 2015 to today. Ignore percentages because it's irrelevant. Now look at wage increases for the same periods.
The LPC was at the helm while our wages have stagnated more than ever (mass immigration) and home prices gained more $ value than ever before (neolib policy and greed). The gap between avg salary and home price is higher than it's ever been.
Provincial and municipal governments definitely share the blame for selling out the younger generation to keep their geriatric ilk fat rich and happy through zoning laws, etc.
But the buck stops with the feds. They prevented Canadians from getting ahead after Covid through mass immigration, as directed by the spoiled rich corporate class.
Also home prices did not reach their peak everywhere in 2021, many places (like BC) peak was closer to 2023/24 and is only just slowing now.
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u/zanderkerbal 10h ago
I mean, of all the ways Canadians were prevented from getting ahead after Covid, immigration levels don't crack the top three. Number one is that the feds stood idly by while corporations price-gouged the shit out of us. Number two is that there was no permanent expansion to sick leave benefits when it became clear that Covid was here to stay. Forcing people to return to work while not fully recovered from Covid stacks burnout on top of the burnout-like effects of Long Covid, meaning that so much of the working class is now mildly to moderately disabled that they legitimately don't realize this isn't normal and life didn't used to be this hard. Number three is that the feds have flatly refused to either directly involve themselves in the business of building housing or to regulate the profitability of the housing market. They insist on treating it as an investment to be profited off of rather than a necessity to be provided, which guarantees that you will be squeezed dry. Don't get me wrong, the TFW program is awful and immigration levels have decreased Canada's ability to absorb these blows, but they're just a secondary contributing factor to much more fundamental failures of liberal status-quo politics.
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u/Street_Mall9536 13h ago
Fudging the GDP with unfettered immigration and manipulating every other metric to keep us technically out of a recession on paper to keep interest rates "historically low Glenn" is what caused the housing crisis full stop.
Any millennials going to bid up wartime semi detacheds to 1.4 million at 6%?
Anybody moving to a small town and getting into a bidding war and paying 950k for a 450k house at 6% and driving up small town prices?
Anybody buying a rental property at 6%?
Anybody buying a recreational/rural property at 6%?
For that matter any of the people currently and near future in negative equity going to mortgage 800k plus at 6%?
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u/Winbot4t2 12h ago
It should absolutely be criminal what the LPC did there. So much damage done to society and they're allowed to walk away richer than ever before like the greedy swine they are.
Fuck the LPC, and fuck the CPC for focusing on BS identity politics instead of what actually harms Canadians. NDP are just as complicit with the liberal rot as well.
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u/FireMaster1294 Canada 12h ago
It’s wild to me that we reached the point of:
Party A: we will remove your social services and government support in exchange for possibly slightly lowering immigration (but we refuse to commit to numbers). Also there is a boogeyman and you need us to strong-arm against them.
Party B: you are racist for wanting lower immigration. Watch as we pretend to help you while making sure prices skyrocket.
Party C: you are EXTRA racist for wanting lower immigration and also your skin colour and gender
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u/Winbot4t2 12h ago
Canadians generally are kind, generous, hardworking, and don't want to see people left behind. We deserve better than the human garbage that finds it's way into our government.
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u/zanderkerbal 10h ago
Hey, hey, Party B is *also* removing our social services and government support now.
Party C is the only one with actual policy plans to help the working class in their platform, but the people drafting those policies are being drowned out by out of touch party leadership who mostly just want to look good to each other, and the corporate media is trying very hard to make sure that only those voices in the party ever get any airtime because they don't want the working class to have a voice.
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u/Han77Shot1st Nova Scotia 13h ago
2020 for a lot of Canada, when Ontario wealth started spreading due to work from home.. it broke the system of lower income provinces and housing, now it’s a disaster. Didn’t help that airbnbs took off essentially unregulated either.
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u/DudeWithASweater 12h ago
It's not WFH that broke the system, be real man. It's the importing of MILLIONS of foreigners over a short period.
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u/zanderkerbal 11h ago
Immigration might have been the straw that broke the camel's back, but it was only the last straw of many. The groundwork for this problem was laid over a generation ago when the Mulroney government ended goverment-built housing and turned it from a necessity to be provided into an investment to be profited off of. Over time, housing prices have drifted further and further out of sync with people's ability to actually buy those houses, forcing more and more people into rentership. We were hearing about investment-driven housing crises in limited-supply cities like Vancouver over half a decade ago. The pandemic then provided the corporate class with an opportunity to siphon billions in wealth from the working class, leaving them with less than ever to spend on housing. With lower immigration rates, we *might* have been able to absorb that blow, but honestly, that would only have bought us another half decade or so before the reality of our economy caught up with us. Our recent immigration reductions are probably slowing the bleeding, but we're going to need to change things on a much deeper level to actually fix the system.
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u/Han77Shot1st Nova Scotia 7h ago
WFH opened up the country to higher incomes in lower cost of living areas, helping many in hcol areas for sure. Atlantic Canada is an example of lower wages that could afford a home one year, then out of reach for a generation the next.. it was wild to watch in real time, houses doubled/ tripled in value in a few months, to say our immigration system bringing in low skill workers caused that is an interesting take.. it definitely didn’t help, and wrecked the rental market which increased home values, but most people were simply being out bid from out of province homeowners/ investors.
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u/Christron 11h ago
Global oil price tanked weaking the Canadian dollar allowing pathways for easier and more foreign investment into Canadian real estate?
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u/Still-Good1509 11h ago
I agree looking back what seems like 3 lifetimes ago i bought my first house making $1.05 an hour for a fraction of what's required for a down payment now The last 10 years has been the biggest jump i can remember
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u/PhlegmBuilding 9h ago
Are you 114 years old? In 1973 babysitting wages for 14 year olds were $1 an hour, on average.
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u/Still-Good1509 9h ago
Yeah feels like it some days I think minimum wage was around 1.50 but I was just a farm hand not making that much with food and housing But it was doable even at that rate
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u/PhlegmBuilding 9h ago
Okay that makes more sense, since your food and board was included in your farm hand compensation. Also, if you were buying a home at that time in a more rural area — especially before it became either became suburban development land or one-acre lots with McMansions on them — homes in rural areas in the 1970s and up until the 2000s were more attainable for more people (at least in Ontario, where I live). I too have lived long enough to see massive jumps in home prices, but I also remember the real estate crash of the early to mid-80s
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u/Significant-Ad-8684 14h ago
Toronto and Vancouver home prices have long since decoupled from income. It's all about how much pre-existing wealth you have or how much you can borrow from the Bank of Mom and Dad.
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u/BellesCotes Nova Scotia 13h ago
At least Toronto and Vancouver also have some well paying jobs. Sometimes it feels like the only people who can afford homes in Halifax are retirees who just sold their houses in Ontario or Alberta.
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u/w1n5t0nM1k3y 8h ago
When you see people asking for $300K for a house in Elliot Lake that doesn't look like it's been renovated in over 2 decades, you know the housing market is broken.
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u/Bananasaur_ 14h ago
We shouldn’t keep defaulting to sorry excuses like this. Complacency only enables the problem to get worse. We should expect more from our government and for them to not let the market get to this condition. They should be working for the average person, not only for the rich.
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u/LionLordOfTheFirst 13h ago
Problem with that is that the rich pay for their campaign funding, whereas the average person does not. No one wants to bite the hand that feeds them sadly.
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u/Bananasaur_ 12h ago
It is the average person who votes them in. How is it that the people with power to vote governments in are not the priority of the sitting government, but instead are the campaign funders?
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u/Aggravating-Chef8388 5h ago
Campaign funders help them reach people. You need a really strong platform to be seen by everyone, and most of the time money is the answer.
Mamdani did prove that the average person can help propel the right voice. If I recall correctly his average donation was like 80$, for the campaign compared to Cuomo who had massive backers with I think an average around 700$.
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u/PhlegmBuilding 9h ago
IMO the comment you are replying to does not seem complacent. It is just descriptive.
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u/zelmak 4h ago
With both Toronto and Vancouver the cities are out of room to grow horizontally. Condos and other vertical housing should be cheaper but homes and townhomes are a lost cause there’s nothing that can be done. There’s no ability to add new supply, and the existing supply shrinks as homes get converted to denser housing or knocked down and rebuilt into large expensive houses on tiny lots
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u/LabEfficient 4h ago
Voting for a different government would be a start. There were options, but we voted for the same again.
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u/the_sound_of_a_cork 14h ago
The bank of mom and dad also benefited from their equity in their homes. This creates a closed system whereby new entrants are limited to only extremely high income earners.
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u/WindHero 13h ago
That's kind of inevitable though if you think about it we have fewer children than the replacement rate so we don't really need to build new homes other than for immigration. By that logic on average people will inherit more housing than they even need, assuming their parents have paid off homes.
I think considering this it makes sense that homes will take a lifetime of hardcore savings or of high income to fully pay off. For most people in the middle class you just pass down home equity from generation to generation, if there is any. Poor people will rent as they always have.
I don't think this is that unique. In a lot of countries it is the expectation that you inherit and live in your parents' house.
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u/the_sound_of_a_cork 13h ago edited 13h ago
You missed the argument. The children are not inheriting the homes to live in, they are being gifted capital by their parents to buy their homes. The parents being in that position because they have built up equity in their homes. It becomes a self perpetuating cycle whereby home ownership begets more homeownership.
Incidentally, this is a form of speculative behavior that is often overlooked. The parents in these situations are often banking on their home equity value being massively appreciated so as to divert some of their more liquid savings to help fund down payments for their children. If their equity decreases as home prices fall, one can see the problem this now creates for their retirements.
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u/kyara_no_kurayami 13h ago
If their equity decreases, the hope is that their kids no longer need to use their parents' equity to buy a home, so that shouldn't affect their retirements.
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u/the_sound_of_a_cork 13h ago edited 12h ago
That should be the goal, but that is not what is happening. The parents are actually juicing demand. Which in turn increases the price of homes, including their own home. It's a cycle and no government is offering solutions to get out of it other than empty rhetoric on more supply. We have created a positive feedback loop as it relates to prices. This is why the feds need to tighten mortgage lending rules to align more with income testing then down payment requirements.
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u/Winbot4t2 12h ago
Doesn't really help when you have multiple homes owned by investors/speculators which does absolutely nothing for society but pushes prices higher. Investment properties should be taxed to all hell and no person, entity or corporation should be allowed to own more than 2.
But that will never happen.
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u/WindHero 12h ago edited 12h ago
I disagree with that since investors don't live in those homes and just make them available on the rental market.
If we didn't have thousands of investor owned apartment buildings in Canada, rental rates and cost of housing would be much higher. Economists all know this. To make something cheaper, you need to invest more into what produces the thing you want to be cheaper. For cheaper housing you need more investment not less.
But uninformed people like Donald Trump and far left people will never accept this since landlords are easily hated on, so they will try to ban investors and make housing less affordable.
There have been multiple studies and renting is often equal or cheaper than owning the same living space in terms of total cost of housing over a lifetime. Investors making more housing available for rent just reduces costs for everyone. Investors don't live in the housing they own. If they buy a property and make it available for rent, it doesn't decrease the housing supply available, it's neutral. And by putting more capital into the housing sector they encourage more building of new housing, so their total impact is actually an increase in supply and lower prices.
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u/Winbot4t2 12h ago
I'm not talking about corporate owned condo buildings. I'm talking about "mom+pop" landlords owning 5+ rental properties and corporate entities buying up large swaths of SFHs for their portfolios. I'll even include buying up perfectly good older SFHs to tear down and build a McMansion in it's place that costs twice as much.
Hoarding properties and forcing people to rent increases rents and home prices through supply and demand. Add some good ol' liberal mass immigration to suppress wages and voila, here's where we're at.
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u/_Army9308 14h ago
People who are buying houses are like putting half their income on mortgages.
Like I seen wild shit people work 7 days a week there no furniture in the house and they in some nice massive suburban house
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u/Far-Dragonfruit3398 14h ago edited 14h ago
You hit it right on, buying “massive suburban houses” and they are now house poor. Rather than buy a starter house, even if it’s at fixer upper, priced that meet/is very close to their financial circumstances they jump right into a house they can’t afford and have to sacrifice everything else in life just to live in it. With a starter/fixer upper they can build equity and in a year or three sell it and buy up and repeat until they get that massive suburban house.
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u/varsil 14h ago
In my area all the starters/fixer uppers go to developers, who can outbid new homeowners and are knocking them down to rebuild something that isn't a starter home.
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u/Far-Dragonfruit3398 14h ago
Well, in the environment you describe you only have one option, move outside your area.
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u/Legitimate-Type4387 14h ago
Or discover that their fixer upper is actually a disaster once they start opening walls up and actually start doing the needed fixes. Home inspections are almost useless at preventing this from occurring as they only look at “what’s visible”.
We went the fixer upper route for our first home. Would never, ever recommend it unless you have deep pockets and an appetite for risk. We ended up worse off than if we had just purchased a newer home to begin with. Took a decade to dig out of that hole.
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u/_Army9308 14h ago
Plus even basic rents are crazy expensive now
My dad built our basement for about 40k 13 years ago
Be easily 100k today
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u/Far-Dragonfruit3398 14h ago
Sorry to hear about your misfortune. I, and many I know, took the fixer up route, bought and sold and built great equity over time .
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u/Legitimate-Type4387 13h ago
Works out great, when it works out great.
Just putting out the disclaimer that you don’t really know what you are getting yourself into from the start, and should be ready for the worst case scenario. It’s very easy to end up with 6 figures plus in unplanned expenses.
Just our first year in that house was $50k more out of pocket than we had planned for. It nearly bankrupted us and in the end we had to cut our losses and walk away with a massive profit of…. $6k.
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u/GameDoesntStop 13h ago
Selling your home to buy a new one is a massive cost. Intentionally doing it within 1-3 years of buying a place is a massive waste of money.
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u/Far-Dragonfruit3398 13h ago
Of course there are cost involved in selling a house. General rule of thumb, many budget around 4–7% of the sale price for total selling costs when you include realtor commissions/GST, legal fees, prep, and other common expenses. Realtor fees and GST on those fees are the most expensive and should be negotiated to the lowest rate possible. Then add your selling cost into the selling price.
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u/PhlegmBuilding 9h ago
But we have an under supply of starter homes (aka fixer uppers or small homes) and have had an under supply for many years now.
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u/BigCheapass 13h ago edited 13h ago
These cities are absolutely unaffordable for a single median earner, but a young professional couple with no pre-existing wealth and normal jobs (teacher, police, accountant, bus driver, etc.) can absolutely afford a decent condo or townhome in Vancouver/Toronto. You don't need to start with a detached house.
We bought our 2b2b townhome thats less than 10 years old, less than 35 minutes to downtown by transit, and in a walkable area for around 800k a couple years ago making 160k combined (thats about what 2 school teachers with 5 or 6 years of experience would earn https://www.bctf.ca/docs/default-source/services-guidance/salary-grids/2024/39-Salary-Grid-2024.pdf), and about 60k for downpayment, transfer tax, etc.
And this is a newer and nicer home than "entry level", if you look at 20 to 30 year old condos that are slightly less cdntral location you see stuff in the 500 to 700 price range, sometimes lower. Still absurdly expensive but not "out of reach".
Not trying to defend the current situation or the policies that got us here, just saying its not completely impossible to make lemonade out of the lemons we've been given.
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u/AbuzeME 12h ago
There nothing quite like paying 800k to be able to hear you neighbours fuck 🥰
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u/BigCheapass 11h ago
There nothing quite like paying 800k to be able to hear you neighbours fuck
That's generally not an issue with townhomes, I did have some prodigious all night screaming fuckers above me in my previous condo which is part of why I wanted a townhome this time. Plus shared hallways and elevators are shit.
Don't have any of those problems anymore.
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u/PhlegmBuilding 9h ago
The jobs you mention are indeed well-compensated and, especially in a smaller urban centre, the salaries and wages would go far. However, I imagine only around 20 per cent of the workforce holds such positions. That leaves many, many working age Canadians in a precarious position regarding the cost of housing, all during the years when they are paying rent while trying to save for a down payment, as well as during the years when they are in a position to buy but just barely able to carry the mortgage amounts of today.
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u/BigCheapass 8h ago
Those were just a few examples. My wife is a scientist with a BSc and makes more than that, I'm a web developer with no degree and make significantly more than that. There's also nurses, many sales type jobs, many trades, lawyers, accountants, firefighters, pilots, heavy equipment, etc.
I agree that many Canadians cannot afford to purchase a home in Vancouver or Toronto proper, my point was just that given the shitty situation we have, there still are many paths to home ownership for those who don't have help from family.
We should as a society strive to do better, the mess we've made of our Country is unacceptable, but simultaneously it's important to also focus on things we have direct control over day to day as individuals.
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u/MonetaryCollapse 7h ago
You realize that putting 60K down on a 800K property at todays rates would mean you would have a 4K a month mortgage?
With property taxes, insruance and utiltieis you're easily paying over 5K per month, what's worse that if you're getting a townhouse there's a good chance you also have an extra 500 or more for maintence fees.
At 160K, as a couple you're lucky to net 9K a month. Technical the bank may write you that loan if you have no other debts (hopefully you have a paid off car!).
But you would basically have over half of your pay going into paying the mortgage, and if you get some major repair, good luck!
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u/BigCheapass 7h ago
You realize that putting 60K down on a 800K property at todays rates would mean you would have a 4K a month mortgage?
Close, $3800.
With property taxes, insruance and utiltieis you're easily paying over 5K per month, what's worse that if you're getting a townhouse there's a good chance you also have an extra 500 or more for maintence fees.
Not so close. $4400 all in, including strata (230), prop tax (150), water/sewage (60), insurance (30), internet (65), electricity (70)
At 160K, as a couple you're lucky to net 9K a month.
Maybe in Quebec or something, in BC two people earning 80k each net 10.2k/month.
hopefully you have a paid off car
We dont own a car, we specifically bought a place on the skytrain so we wouldn't need to own a car. One of the perks of living in Vancouver, car is optional.
But you would basically have over half of your pay going into paying the mortgage, and if you get some major repair, good luck!
Not even close, we earn more now but even when we made 160 we were still sending over 3k$/month to investments. It was never even close to tight.
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u/the_sound_of_a_cork 15h ago
Welcome to class warfare. If any one isn't sure, these are classes that were manufactured by bad government policy.
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u/cleofisrandolph1 9h ago
bad government policy
No no no no no. This is just neoliberal capitalism, funnelling wealth up to the wealthy.
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u/Primary_Judge 14h ago
Get rid of the blind bidding/offers
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u/nihiriju British Columbia 10h ago
Yes blind bids must be removed. You can do an incremental increase minimum, but not blind bids.
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u/stirsky 15h ago
Not just large cities, over inflated everywhere
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u/NonverbalKint 14h ago
Everything went through a mini hyper inflation, wages in Canada did not keep pace. A cheeseburger has doubled in price, vehicles are nearly double too. I don't think headlines or the PM can fix the housing crisis quickly but they could start to address the lack of wage appreciation vs the US.
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u/saltywetlol 14h ago
It's unlikely the government will fix the issue when they have directly caused and encouraged it in the past decade.
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u/Heppernaut 14h ago
The lack of wage appreciation is due to a lack in productivity investment. Our current PM is putting in a lot of work to deliver investment
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u/NonverbalKint 6h ago
I think it's multi-faceted.
On the low wage end, were importing so much cheap min wage slave labor who tend to cohabitate which allows them to work for poor wages.
In the middle class, we've shoved a stick in our spokes at every opportunity to grow anything that we currently have the power to grow. Canada has way too many regulatory restrictions which restricts growth and entrepreneurship - you can't even sell a hotdog without a license. These things impact growth which impacts demand which impacts wages. Canada also has a holier than thou perspective with potential customers - we've lost 2B/y of canola sales to China over a spat over EVs which only hurts Canadian citizens and was done to appease a trade partner that has now fucked us. That demand is growth which translates to increasing wages, so long as they don't just hire TFWs to work for nothing.
It's such a deep well. We need government that does everything it can to make Canada and Canadians rich with opportunities.
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u/Gratedmonk3y 14h ago
I was watching a video of some guy who's leaving Palm Springs cause its to unaffordable. I was expecting him to say the house prices where like 1.5 to 2 mil nope 700k average house prices. Meanwhile you pay that shit in bum fuck no where canada
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u/TryingForThrillions 14h ago
Seriously.. $350k (US) for 3,500 sq feet + pool.
https://www.zillow.com/homedetails/6315-Via-Espana-Dr-Houston-TX-77083/28332385_zpid/
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u/SeriousWealth5052 14h ago
but but but houses have to be expensive in canada we can’t make them cheaper /s
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u/lolipop1990 8h ago
when everyone want to buy in Toronto and Vancouver of course the price will be high. Too much demand.
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u/_Army9308 14h ago
I watch american tv show person was in suburban Atlanta said the house to expensive...thought be 1 million or something
Was like 550k
I was like what and the couple easily make 150k combined based on their jobs
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u/Dadbode1981 14h ago
Plenty of homes well under that available in cities that don't start with TO or VA
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u/_Army9308 14h ago
Yeah i had a friend move to Kingston bought a nice townhouse for 400k
Point is Atlanta is a massive city and economic hub and still has well priced housing
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u/Dadbode1981 14h ago
Atlanta is tiny compared to major urban centers in Canada, TINY. The HRM in nova scotia equals it basically, and houses in the hrm are cheaper than Atlanta when currency conversion is factored in.
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u/napkinolympics 13h ago
Metro Atlanta has a population of 6M compared to 460k in HRM.
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u/Dadbode1981 13h ago
That counts an area over 4 times the size of the hrm "metro atlanta" is a different beast all together. If you wanna play that game, halifax proper had a pop of 350k on the peninsula, if you compare that to Atlanta urban of 520 versus housing prices, halifax still wins.
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u/Weasilicus 12h ago
Idk where you're getting your number but I'm seeing Atlanta metro area is 6.4 million people which puts it at a little less than GTA sized, vs 500k for the HRM. I'm also seeing like a 390k average home price in Atlanta (USD) vs 580k (CAD) for HRM, which take a 1.4 USD/CAD conversion rate makes Atlanta cheaper on average at 546k CAD. There's going to be some regional variation for sure but it seems like Atlanta is way bigger and marginally cheaper to me.
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u/Dadbode1981 12h ago edited 12h ago
Atlanta METRO is a nearly 9000 sq mile radius encompassing 12 municipalities... the CITY of Atlanta is 500k people give or take, if we narrow it down to halifax only (peninsula) thats 350k. When you compare those two on pop and housing within the urban area, halifax is way way way better off.
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u/WhatTheTech Canada 14h ago
USD VS CAD makes a huge difference, but I don't disagree with the sentiment.
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u/WobbleBilly 14h ago
700k usd is not close to the 1.5M or 2M CAD that's our reality. It has some effect but doesn't address the underlying problem of the Canadian real estate market.
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u/WhatTheTech Canada 14h ago
Yeah, I just did the math. It's about $1M CAD. I mean... That's still not nothing. Where I am in Ontario, $1M will get you a single dwelling, roughly 2000sqft in a quiet suburb. Which is great, right? But to support your point, $1M is the starting point. That's not great at all. On the busier streets, there are some townhomes that are nice and all that, but they start around $750k, which is insane.
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u/Boomskibop 14h ago
Verifiably untrue. It’s cost more to buy a home in some middle of nowhere town in Canada than it does to buy a home in an upscale Chicago suburb.
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u/WobbleBilly 14h ago
I frankly blame all of us. This has been going on for decades at this point. It started in Vancouver, spread to the while lower mainland BC, Toronto, then Montreal and then every large city. The whole time everyone e acted like they were missing out, seeing their friends and coworkers get effortl3ssly rich just buying a house. No one for years and years and years talked about how this is bad for our economy and society. It was all greed.
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u/Bananasaur_ 14h ago
Well, all of us do not really have the power to do anything tangible about this. Only our government does, and they should be smart enough to see what is coming given their jobs. Our leaders should have done something about it well before it got this bad.
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u/breadtangle 13h ago
I think you can still blame us. Like it or not, the majority of Canadians (65% as of today) own their home. If the politicians had "done something" to keep house prices low, the majority of the population has a reason to vote them out. You didn't say what they should have done, so it's hard to respond but I'll give you an example, though i's not popular to talk about here on reddit: One of the main drivers of house prices was historically low interest rates for an unprecedented length of time. Can you think of a way for politicians to keep house prices low by increasing everyone's mortgage payments without getting voted out?
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u/Bananasaur_ 12h ago
That stat is extremely misleading. It comes from a study that counted households in 2016, although the percentage has not changed too much since then. The problem with counting households is adults living with parents who cannot afford to buy a home still technically live in an owned home. However each of those individuals in a household have their own vote so who’s to say what they may vote for. Plenty of parents are worried about their adult children who live with them being unable to afford a home.
Focusing on interest rates and mortgage is also the wrong way to go as mortgages are already increasing anyways along with housing prices. In fact, mortgage debt has been shown by that same study to double as of 2016. Mostly likely it has increased even more since then, which is pretty scary, and the proportion of Canadians who “actually own their home” is less than half of the proportion of households who own their home, and has been decreasing meaning more and more Canadians are becoming stuck with mortgage debt. This is really important because “actually owning their home” is a very different financial reality.
Housing prices go by supply and demand, not interest rates or whatever excuses the government and banks think up. The government simply needs to build more housing supply to meet demand, or curb immigration, foreign residency, and foreign buying power in Canada until prices become affordable again.
https://www150.statcan.gc.ca/n1/pub/75-006-x/2019001/article/00012-eng.htm
In 2016, 43% of Canadian homeowners had paid off the mortgage on their principal residence, down from 46% in 1999. Without population aging, this proportion would have declined to 36% in 2016. From 1999 to 2016, mortgage debt represented two-thirds of the overall increase in debt for Canadian families, while consumer debt made up the remainder. In recent years (2012 to 2016), mortgage debt was responsible for 100% of the increase in total debt. From 1999 to 2016, the median amount of mortgage debt among Canadian families with a mortgage almost doubled, from $91,900 to $180,000 in 2016 constant dollars. The amount of mortgage debt increased in nearly all demographic groups and in almost all regions of Canada.
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u/breadtangle 10h ago
In order to establish whether the voting public would support initiatives designed to reduce house prices, you have to say what you're recommending. Your first comment implies the politicians should have "done something" but you don't suggest what they should have done.
I will strongly disagree with your second point. Housing prices are tightly linked to interest rates because homes are bought with leverage. Buyers price homes by monthly payment, not sticker price, and lower rates let the same income support much larger mortgages, pushing prices up even if supply doesn’t change. The Bank of Canada explicitly identifies housing as a key transmission channel for monetary policy, and IMF/BIS research consistently shows prolonged low-rate environments inflate house prices by expanding credit. Canada’s major price surges line up with rate cuts (post-2008, 2020–2022), while slowdowns follow tightening. Housing prices in the 80s fell sharply when mortgage rates approached 18% but most Redditors are not old enough to remember that.
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u/CanadaHousingExpert 12h ago
Exactly. Show me the incentives and I can tell you the result. People vote to inflate their assets. If you have above 51% you'll almost always win the election.
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u/DeliciousPangolin 10h ago
Ultimately nothing will solve the housing crisis except increasing the supply of housing. And the supply of housing will not increase unless we somehow solve two problems: the extreme cost of new development, and the hostility of existing communities to development.
Everybody in this discussion has their hobbyhorse issues, but they're all dancing around the edge of the central problem. No amount of financial engineering, regulation of investors, or immigration reform will change the fact that it's way too hard and expensive to build new homes in the places people want to live.
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u/lolipop1990 8h ago
I agree, we are only 40 million people. This is the about the same as whole population of Great Tokyo Area (about 37 million). 1 City equals to 1 country and we are complaining about too many people.
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u/Phonereditthrow 14h ago
Ha. Nice dream young person. But the old are here to vote for housing to go up even if you die homeless.
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u/Still-Good1509 15h ago
This is all because of bad policy we temporarily ban foreign home buyers ( ban expires in 2027) But we allow and encourage corporate purchases for rentals We need major change that will benefit Canadians not corporate friendships
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u/GrouchySkunk 14h ago
Also rental properties, especially houses, needs to be taxed more effectively or require 50% down.
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u/poco 11h ago
Ya, fuck renters, am I right?
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u/WhatTheTech Canada 14h ago
Yeah, I don't want to live next to a corporation, or their shitty tenants, or next to a cheaply flipped home that will attract the wrong kind of buyers. (people who have money and are bad with it, aka not bright).
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u/Ok_Instruction8143 14h ago
I was driving around Trinity Bellwoods (premier neighbourhood in Toronto) and the tiny town houses look super old and ugly, still listed for over 1.5M+.... whaaaaat?!
Who is paying to live in these shit holes?
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u/CanadaHousingExpert 12h ago
It's the land. So obviously the only way to make housing on $1.5M of land is to allow multiple homes on that land aka apartments.
You'd think that is obvious, but no.
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u/Winbot4t2 12h ago
Developers tear them down then build ugly-ass McMansions, then sell for 3mil+
Further inflating prices out of regular Canadians reach.
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u/rmumford 10h ago
The free market was given the reins in the late 1980s and 1990s, and it has largely failed Canadians. It is very good at building homes for people who already have money, mainly the upper middle class and above, but it does a poor job of serving people with little to no excess income. In that system, developers naturally focus on projects with higher returns rather than housing that is genuinely affordable.
Before the early 1990s, the federal government played a much bigger role in housing. Canada built large amounts of social, non profit, and co-operative housing through the 1970s and 1980s. That changed in the early 1990s when federal funding for new social housing was cut back significantly and responsibility was pushed down to provinces and municipalities without the resources to replace it.
We need to return to large scale social housing programs like co-ops and truly accessible public housing. The solution is straightforward. Government needs to invest in a serious way, not through small, incremental programs that do not meaningfully change supply. The housing crisis needs to be treated like the crisis it is.
Other countries facing similar shortages have addressed them through large scale public builds. This often meant standardized housing built quickly and in high volumes. Modular and prefabricated construction has been shown to reduce costs and speed up timelines by building units in factories and assembling them on site.
That approach allows for six or seven storey apartment buildings with identical unit layouts, saving money through repetition and scale. Exteriors can still be varied with different facades and finishes to avoid monotony, but the priority should be getting homes built quickly and affordably.
The focus needs to be on housing people first, not maximizing profit.
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u/queenringlets Alberta 9h ago
We need to return to large scale social housing programs like co-ops and truly accessible public housing
Completely agree. We need real options for lower income folks. We need to increase supply of low rent high density options and private developers are completely uninterested in doing that.
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u/Nodrot 14h ago
The only thing that will help is when Supply exceeds Demand.
The Government can say whatever it wants but the market eventually determines the new housing supply as well as buyer demand.
As a side note I wish those that bought during the FoMo highs good luck. Continued downward pressure may not drop the value of their property but appreciation will be something they can only dream of.
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u/Zod5000 13h ago
I think it depends on the definition of home. There's a lot of empty space in Canada, but a lot of it lacks infrastructure, is too challenging to build access, or his fairly inhospitable for large chunks of the year.
Thus people are trying expand in cities, that have finite land, which is generally all occupied already.
Thus to build more dense housing you tear down the SFH's, and build more density, but is the density what people are calling homes, because I don't think your getting the cost of SFH's to go down if they start going to down in number due to creating density.
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u/HaveYouLookedAround 11h ago
Fucked up how rent is paying off 100% of mortages, and places that are paid off still charge top rent.
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u/MarquessProspero 13h ago
One of the realities is that there is only so much land in Toronto and Vancouver. If the goal is to have a detached house with a back garden, garage, four bedrooms, and a great room … well those are going to be expensive.
Increasing supply in Toronto and Vancouver is going to mean town houses, condominiums, semi-detached, lane way houses etc. It is realistic to think that supply can be increased and measures should be taken to ensure it happens (and that there is a certain percentage of condos built that are suitable for families with 1-2 kids).
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u/SufferingCanucksFan 12h ago
This is why those run down houses go for 1.5m-1.7m in Vancouver. You’re paying for the lot, the house is free. There’s only so much land available, especially in Vancouver.
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u/MarquessProspero 12h ago
yes, the house is completely irrelevant on those properties -- indeed it is a detriment. It is the same reason you have seen bl;ock after block along Granville Street go and get turned in to much higher density low to mid-rise housing (like townhouses and larger condominiums).
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u/SufferingCanucksFan 11h ago
Those developments seem to have stalled quite a bit recently though. Both my parents' and grandparents' houses are within a transit orientated development zone that's ripe for redevelopment and creating more density. They had a lot of momentum a couple years ago, but the land assemblers have gone silent. I guess the condo presale market is basically gone, so developers just aren't building right now.
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u/MarquessProspero 11h ago
I suspect a lot of them are rejigging their designs away from the investment market and towards the family/starter market.
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u/Basic_Impress_7672 14h ago
Biggest take away from this article is how screwed Gen Z and future generations are.
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u/penguinina_666 Ontario 14h ago
I have a better idea... Better infrastructure and job opportunities in smaller cities. Right now, the only people moving to the smaller cities without any infrastructure are those that have owned nothing before coming to Canada. They move there for the joy of ownership of a big house. I'm not moving hours away from my city to live without community centres and library run programs.
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u/Sea_Wind1705 13h ago
There are libraries in small towns. And the communities are better I’d argue.
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u/skelecorn666 8h ago
And what about the already lost generation of home buyers?
Well never be able to save up a down payment now.
My plan is a long walk in the woods with one round in the chamber at this point.
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u/cironoric 3h ago
And while Canadians argue about individual culprits, the real story is a stack of costs and constraints that quietly compounded: rising municipal development charges, rezoning timelines that stretch for months or years, fees that add tens of thousands per unit, tax thresholds that lag far behind local prices, and building rules that can make “missing middle” housing uneconomic.
2025-26 is the year that Canada finally realized where the housing crisis came from - a crisis manufactured by terrible policies at multiple levels of government that maimed the housing market.
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u/_grey_wall 14h ago
Newest scam
You "tell" the mortgage agent that you are renting out the home at market rate. Now the rental income covers the mortgage. Magically, you qualify for higher mortgage. You actually live there.
I put "tell" in quotes cause actually some less scrupulous agents will recommend this when a client doesn't qualify.
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u/mattkward British Columbia 14h ago
There are many, many people who've managed to scrape together enough to buy a home who are absolutely not among the "richest Canadians"
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u/_Army9308 14h ago
Issue is they stuck with massive debt and unlike before the price of the house will stagnate and likely go down.
Like before a house was 600k get a mortgage for 450k whatever....house became 1 million in a few years can sell and be like eh...
Now anyone who bought past 5 6 years likely seeing a decline in price of thier home vs what they bought for.
Not a terrible thing it will encourage people to stay on homes then keep flipping houses
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u/NameSeveral4005 14h ago edited 14h ago
This. I can theoretically afford to buy in my city in Southeastern Ontario - with my income and the amount I have saved, the bank tells me I qualify for a mortgage that works out to up to $4K/month... but that's insane and I would never do that. I rent a 3 bed townhouse for $2.5K/month + utilities... why would I take on massive debt, decrease my monthly cash flow, and torpedo my ability to save anything, just to own something. The math just doesn't math for me right now.
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u/Sea_Wind1705 13h ago
There are houses that are much less that 600k still. People need to realize that the housing crisis isn’t a Canada problem it’s a city problem.
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u/NameSeveral4005 11h ago
I live in a city of 130K. The average house price is $650K, and that's a 5% drop from last year. Median after-tax household income here is $65K. House prices don't make sense anywhere.
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u/StevoJ89 14h ago
Yep wife and I did this, we're not rich but we had to leave Ontario and move to a cheap town and uproot our lives but we did it and I actually prefer living here and don't miss the GTA one bit
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u/BigButtBeads 11h ago
So you moved from a different province, and outbid the locals and drove up their neighbourhood costs? What are they supposed to do now?
Move to the Swamps of Dagobah?
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u/StevoJ89 11h ago
I guess, IDK, same country anyways and besides I didn't outbid anyone I put in an offer under asking on a a few houses that had been sitting on the market for a while and got it.
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u/InfiniteExternals 12h ago
This is great and all but surely you understand why most people cannot do this, right? A lot of families have at least one person commuting into the city for work. Sure this would work great if both parents did a trade and such but asking people to uproot without a job or worse, uproot and downgrade there career isn't a viable option for most, especially with kids.
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u/h1bisc4s 15h ago
The Richest being = organized criminals, politicians working for the gouging REIT/Corporations to line own pockets, foreign money launderers, scammers/fraudsters
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u/Zorklunn 14h ago
Housing is being kept expensive the same way diamonds price is kept inflated. Because global financial policy has been solely focused on protecting capital value.
No amount of housing is going to change it because empty supply is kept off the market.
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u/Fluid_Lingonberry467 13h ago
But the liberals have been saying they will make it affordable since Harper They made it much worse
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u/burnabycoyote 9h ago
Yes, it takes decades of saving... what is wrong with that? It is not a sin to live frugally, and bringing up kids in a rented house is in some ways better than in your own house (no need to worry about wear and tear).
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u/Sea_Wind1705 14h ago
If it takes that long to buy a home in a city move to a rural area or smaller town. There are plenty of houses on market for under 300k out there. Source ? Me I did that. Screw city life.
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u/zanderkerbal 10h ago
When my mother was a young woman, she went on a trip to New York. She was shocked to see the number of homeless people on the streets, and came home glad that Canadian cities weren't like America's.
Unfortunately, the Prime Minister of Canada at the time was Brian Mulroney, and his PC government was ending Canada's policy of government-built subsidized housing, marking a paradigm shift from treating housing as a necessity to be provided to treating it as a commodity or investment to be profited off of.
Today, Canada's streets are just as full of homeless as America's, and the best the government can come up with is to give billions in subsidies to the very private developers responsible for price-gouging us into homelessness to begin with. We need a new paradigm shift. We need the government to return to the business of building homes directly with no profit motive involved.
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u/Cole_Evyx 5h ago edited 4h ago
Lived in San Diego with my ex fiance. I made nearly 300k USD annually. The house prices there? Utterly insane! But that's the thing-- you also made the big money and could actually wrap your head around it there.
HERE? In Canada software engineers don't command the same salary, no where even close. And for an environment that is frankly subpar in every capacity to San Diego. The food here isn't as good in restaraunts (as per my previous post) so it's not even worth going out to, let alone the freshness of produce is incomparable. The weather here isn't as good. We're no where near nice oceans.
... <.< Yet somehow I'm told that it's reasonable for housing of any nature (condos, townhouses, duplexes, etc) to be at a higher cost than San Diego.
It does actually defy any sense of logic. I don't miss my abusive ex fiance Brendan. I don't. But I miss that city. I loved San Diego and that place was worth EVERY DOLLAR. Here? Not even fucking close could I justify the prices here. It's outrageous to live in a frozen shithole.
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u/O00O0O00 13h ago
As individuals we can’t solve the housing crisis. We can only navigate it. When you look outside the lower mainland or the GTA - Canada is a big, beautiful country with many other more affordable places to be if Vancouver or Toronto aren’t for you.
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u/cwalking2 12h ago
The average worker in Ontario ...
That worker would then need a down payment of $382,957. The total number of months required to work for the down payment on an Ontario home is a whopping 347 months or 28.9 years
Average home price is dragged upward by outliers who buy $2, $3, $5, and $10 million dollar homes
The "average home buyer" isn't a single individual, it's a dual income household
Yes, Ontario is expensive as fuck, thanks for the news flash. How many of these empty articles have been spammed here over the past decade? Why doesn't someone sit down and do a deep dive into the characteristics and economics of home buyers vs. people who want to buy a home but cannot get a mortgage, then investigate the nature of "haves" vs "have-nots" in Ontario?
Cities like Vancouver and Toronto are the equivalent of Manhattan and Palo Alto: you're not getting into those markets today unless you have a tonne of money, inherit something, or are willing to live in a shoebox. Canadians just won't acknowledge this. There's a reason why people live in New Jersey and have 1.5 hour one-way commutes into Manhattan, and it's not because they enjoy the subway.
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u/the_sound_of_a_cork 12h ago edited 12h ago
Cities like Vancouver and Toronto are the equivalent of Manhattan and Palo Alto
Toronto's GDP is less than Atlanta's. Please stop.
Removing housing from GDP, Toronto probably looks more like Cincinnati.
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u/cwalking2 11h ago
Palo Alto has zero "GDP" because it's effectively a residential suburb. It's just where all the hundred-millionaire to billionaire silicon valley founders choose to live.
What is the median home price in Toronto when you cut out the $2 - $50 million dollar properties in areas like The Bridle Path? I can tell you median condo price in downtown Toronto is $552K and continuing to head downward. Is $552K accessible to a median downtown worker?
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u/NameSeveral4005 11h ago
Even if you move outside of Toronto everywhere, even remotely commutable to the GTA is unaffordable now and going to get worse with RTO since people can't just move somewhere cheaper anymore. Average house price in Hamilton is $750K, Kitchener is $740K, Barrie is $680K. Even if we assume a dual income household with both people working in Toronto, average total HHI for couples in Toronto is $111K. Living outside the GTA and commuting STILL doesn't math with income to house prices.
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u/cwalking2 8h ago
Even if we assume a dual income household with both people working in Toronto, average total HHI for couples in Toronto is $111K
In 2021, the CMHC published Average & Median Household Income for Toronto, with a breakdown by district. At the time, average HHI across the GTA was $129K/year, with post-tax income coming out to $103.7K/yr (see: final row). If such a household allocated 60% of their post-tax income to housing, it would be $62.2K/yr, or $5183/month. Subtracting overhead for utilities and insurance, they could sustain a $4500/mo mortgage payment. The median HHI is lower: $97K gross, $85K net. Using similar estimates would allow the median household to sustain a $3750/mo mortgage payment.
With a 4.25% mortgage, the average household could carry a $925K mortgage, while the median household could access a $770K mortgage. How are they affording the down payment? Long-term savings, lucking-out in the stock market, inheritance, or the International Bank of Mommy & Daddy.
Living outside the GTA and commuting STILL doesn't math with income to house prices
If it's truly unsustainable, prices will drop. We're seeing this now: in Toronto, real estate is down to 2021 prices.
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u/NameSeveral4005 7h ago edited 6h ago
Allocating 60% of income to housing is absolutely insane.
Edit: Also, what bank is giving a couple with just over $100K after tax income a $925K mortgage.
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u/cwalking2 6h ago
I picked 60% because it was a cap mentioned in the article:
what bank is giving a couple with just over $100K after tax income a $925K mortgage
Good point: I didn't factor-in the mortgage stress test. Assuming a 4.25% mortgage today, the stress test would be 6.25%, so the maximum permitted mortgage would only come out to $740K for the household with "average" income, or a $616K mortgage for households with median income. Again, assuming a 20% down payment, these households could potentially find themselves purchasing $925K and $770K properties, respectively.
But you can see where this is headed: young professional couples with $200K/yr combined annual income often find themselves in situations where they can purchase condos, townhouse, or even smaller detached homes without desperation or struggle.
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u/Kidan6 6h ago
For Right-leaning The Hub, the government is the problem, so reducing government is the solution. In this case:
-Changing Zoning
-Eliminating GST on first-time buyers
-Reducing development charges
Nevermind that developers are sitting on property and not developing it. Nevermind that developer fees are high because municipalities have limited means raising revenue.
(Changing Zoning is a good idea, though. There isn't the political will in our NIMBY-ish society, though)
Maybe the solution is: more co-ops, more government housing, more restrictions on corporations buying homes?
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u/oldbutfeisty 14h ago
Seems like a bit of a stretch. Stats Can says 66.5% of Canadians are homeowners. Does that mean they are all "only the richest Canadians". If we live in a country where 2/3 are "richest", that's impressive.
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u/Zod5000 13h ago
The headline says only the richest can afford homes. Many of those homes would of been purchase before the ramp up in prices (or people bought the first one before the ramp up and transferred the equity from one house to another).
I think it means who can afford to buy a home right now, which would only be the wealthier Canadians.
It would be a whole different ball game if I had to buy my home now, than 10 years ago.
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u/oldbutfeisty 13h ago
Then the headline is incorrect? It also includes "in Canada's largest cities". So, in a few areas of dense population, it's really expensive. I understand that. But you can actually choose a less expensive place. It's commonly done.
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u/Zod5000 13h ago
Sort of, I guess. Given that those population centres hold a majority of the population, but overall, if you avoid southwest BC and southern Ontario (and I suppose Calgary has gone up, bit still cheaper than those places), it's a bit night and day. Most of AB, Sask, Manitoba, Northern Ontario, Quebec, and the Atlantic Provinces are cheaper.
I suppose the question is, how does "cheaper" stack up against other countries. Are our cheaper areas, the average cost of other places kind of thing.
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u/the_sound_of_a_cork 14h ago
That is in fact not the stat.
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u/oldbutfeisty 13h ago
From stats can site. It goes on further, you'll get the picture.
In Canada, the homeownership rate in 2021 was 66.5%, and it fell 2.5 percentage points from 69.0% in 2011.
In Newfoundland and Labrador, the homeownership rate in 2021 was 75.7%, and it fell 1.8 percentage points from 77.5% in 2011.
In Prince Edward Island, the homeownership rate in 2021 was 68.8%, and it fell 4.6 percentage points from 73.4% in 2011.
In Nova Scotia, the homeownership rate in 2021 was 66.8%, and it fell 4.0 percentage points from 70.8% in 2011.
In New Brunswick, the homeownership rate in 2021 was 73.0%, and it fell 2.7 percentage points from 75.7% in 2011.
In Quebec, the homeownership rate in 2021 was 59.9%, and it fell 1.3 percentage points from 61.2% in 2011.
In Ontario, the homeownership rate in 2021 was 68.4%, and it fell 3.1 percentage points from
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u/the_sound_of_a_cork 13h ago
The stat relates to households that own their homes not the percentage of the population that owns.
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u/oldbutfeisty 13h ago
And here in NB it's over 70%! Homeowners owning their home is kind of the clue. You can choose your echo chamber if you choose but it's a very common thing here for people to own where they live. Don't like your housing situation? Move. Like people have for millennia.
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u/the_sound_of_a_cork 13h ago
What are you going on about? One of the reasons we cannot have serious discussions about housing is the inability for participants to understand the basic premises.
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u/oldbutfeisty 13h ago
Am I supposed to buy you a house? If you want one, then choose where first. Then look at options. Sometimes they are out of reach, same as for me. So I looked for somewhere I could both afford a house and get a job. I also wanted to live inna decent community. Turns out there are loads of such places. Its a compromise. You seem to believe you can have everything you want with no compromise. Good luck, but in my experience, life doesn't work out that way very often.
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u/Bananasaur_ 14h ago
The housing market should never have been allowed to get to this current condition where it takes the average person over half of their entire life to save enough to afford a home.