Why it takes 30 years to buy a house in Canada – BBC News

Why it takes 30 years to buy a house in Canada - BBC News
Buying Real Estate



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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45 Comments

  1. Where in Canada are you talking about though? Canada is a big country and this is true of Toronto and Vancouver but I mean even some of the other bigger cities like Montreal, Winnipeg, etc can be pretty affordable, and smaller places throughout Canada can be quite cheap.

  2. 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

  3. Canada needs more latino immigrants to exploit while building their infrastructure. like the united states does with it's immigrants

  4. We all know it's the mainland Chinese, it's the Singaporean, it's the overseas investors that has been pushing up the price but apparently the government doesn't know

  5. 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.

  6. Come to Edmonton! I bought a house here at a reasonable price. I know it's a landlocked city, but it's got everything you need minus large bodies of water. And mountains are only three hours away.

  7. A family friend of ours keeps hounding us about getting into the housing market. She fails to recognize that she makes 2-3x alone what my partner and I make together, probably more with bonuses and commission (we are not doing badly either, 100k combined household, no kids). It just seems so unattainable for younger, middle class Canadians who are starting out and who do not have the Bank of Mom & Dad to lean on for everything.

  8. I can't afford a house in Canada. I'm building a 26' Tiny House Trailer complete with solar power and a fireplace, stove, oven, fridge, full bath/shower, Starlink Internet. Built for our Canadian Climate. and I'm buying a Tesla Cybertruck Tri-motor.

  9. Capital is fleeing Canada and industry is dying. The far left government is using policy levers (immigration, interest rates) to juice the real estate market and thereby mask the underlying decline in industry. The problem down the road is that the debts can't be paid by a hollowed out economy and the market will collapse. Government debt is through the roof. The income tax rate would need rise 20% across all brackets to balance out of control government spending. Buying real estate is signing up to pay the government debts and giving the government a huge chunk of collateral (the house) against payment of tax. Incidentally, the far left Liberals have been studying taxing home equity gains (taking a piece of the house) to pay their bills.

  10. This is a way to move money within the rich people's circle. Only they can spend this big amount of money, and only they get profits. The rest of the poeple will get poorer and poorer. This is how the world is functioning. Here in Venezuela, where 95% of the population is poor can barely afford to eat, while the rich live like kings, opening nice restaurans, grocery stores, gyms, etc, etc, etc, that only they can afford. Btw, the right people here are what we call 'enchufados' and all those new fancy places they open are money laundry, 99% of cases.
    Now, this is detrimental to the health of our societies. And there is always a solution, just don't expect politicians to solve it for us. We need all to participate in this so needed changes. But, are we gonna do it? do we have the courage and willingness to work together and demand a change and being part of the solution? Hope so!

  11. IT was the Chinese that were on a buying spree globally. But after the Evergrande bond default, I think they will slowdown significantly. Or better yet, prices just drop to more affordable level.

  12. If government wants they could implement some simple rules to check and balance the Real estate market such as:

    1. First time home buyers could make 5% down and no tax on their first home purchase.
    2. Anyone buying an additional second home should pay 60 to 80% down payment with heavy land transfer and closing cost period.
    3. Increase yearly taxes significantly on investment properties not being used as primary residence by the owner.

    Just simple rules as these can help new owner big time to have roof over their heads and cool down the market. But problem is governments don't want to cool down the market. All these help govt make more money and have greater control the way they want.

  13. You don't just save and hoping to move from renting to own a house. You need to invest regularly and start with an apartment or townhouse and hopefully move to a house in the future. Saving in cash will never catching up the inflation of house prices.

  14. Because weather wise, Canada is a decent place to live and with the slow but rapid elimination of middle class, which was an illusion anyways, the rich will buy in Canada and the poor will beg. It will eventually, literally be the slums and the rich neighborhoods. Probably gated too

  15. Here is how you fix this problem:

    1. Double the Sales/Land Tax on every second residential property you own. When people are struggling to own even 1 property, there is no need for the millionaire class to be able to have multiple homes unless they contribute back to society. So if buying the first house attracts 5% Land tax, the second should be 10%, the third should be 20%, the fourth should be 40% and so on upto a cap of 50% Tax.

    2. Build to rent should be disallowed on detached homes and be limited to apartment blocks. In those apartment blocks, BTR apartments should be limited to 60-70% of the the total number of apartments, rest should be sold in the open market.

    3. Affordable housing schemes or contributions thereof should be made part of all new developments. This should extend to new offices & industrial use provided the land was used as residential land in the preceding 50 years.

    4. Sale to foreign investors (individuals and corporates) should be limited to 3 residential homes as a maximum. This will release significant homes back into the market. Foreign investors buying homes not for occupation to pay 10% extra the Sales/Land tax as resident investors.

    5. Govt to have their own housing scheme. This will be funded by the above mentioned tax increases, existing property taxes, and a new tax – A ''mansion tax''. Any home beyond 8000 sq.ft in size should attract an additional 10% in property tax, this should double to 20% if the size of home exceeds beyond 12000 sq.ft. and 50% if size of home exceeds 15,000 sq.ft. The size of home is limited to the built up area and not land such as garden within the property.

    6. Change in land use and covenants. Single detached American style villas are no longer sustainable. Population has exploded and this is the reality. Change in perception is needed in terms of this ''American/Canadian dream''. Multi-storeyed apartment complex should be the way and what society should aspire to. Therefore allow developers to build apartments where restricted.

  16. In 1997 I was a servicemen and was drafted from Plymouth to Portsmouth. I bought in 1991 at the height of the market. I paid £37,000 and sold for £28,500, Work that out it is a 26% ish drop. I wanted to rent it out but the bank looked at my earnings and would not give me another mortgage on the house I wanted to buy in Portsmouth. I had to sell. Someone tell me who has changed that and why? If it is get rich bankers on quasi schemes to make millions when the young can not even own one house then I want to know who allowed that? House prices have risen in line with debt and nothing else. Reduce the consumer debt and house prices will fall with it. How dare governments allow a banker to print as much money in the basement of his bank but then lock a counterfeiter up. There is no difference except that we pay the bankers bank when they lose billions. It is the biggest disgrace in the history of our country and I want heads to roll. Thank god the young are so extraordinarily weak and woke. If they were not there would have been a revolution already. I sincerely hope they do not get a voice or become strong. If they do there will be trouble.

    A witch hunt needs to be carried out now and those responsible be disgraced in history for the rest of humankind. When this amount of unfairness has been imposed on a generation then they deserve it.

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