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Guess what? Canada’s standard housing price is now two times more than its U.S. counterpart, and this runaway home price train is running over more and more prospective homebuyers every day.
A Quick Overview
🔼 30% home price hikes from early-2020.
😔 Highest home ownership costs in 31 years.
📈 The CAD 816,720 average home price today is 50% higher than pre-pandemic price.
👀 Home prices are now 9X of household income.
Zooming In
Home-buying in Canada had become a somewhat affordable affair in 2020, thanks to relief measures and lower interest rates, but a surge in demand and short supply coincided to make the market unaffordable again.
Fire-Fighting Measures To Cool Prices
🧯 2022 annual budget with 29 specific measures (CAD10 billion outlay) over 5 years.
🧯 Two-year ban on home purchases by foreigners.
🧯 Record-home building with 32,000 units underway.
🧯 Interest rate hikes.
And if this doesn’t get you de-sizzled already, then we don’t know what else will.