Thanks for sharing this news article about housing affordability in Canada! I saw a property being sold by
Ballymore Homes and I really liked it but I'm trying to figure out where the housing market is headed to decide when would be the best time to buy and this article that you shared gave me a ton of info. Cheers!
The best time to buy is when you can afford it , with waiting you risk being priced out of the market.
Interesting article, but a bit disconnected from reality in my opinion.
In Ontario people are buying homes like there is no tomorrow, investors - even the newbie ones are making huge profits (6 figure range) by flipping properties every few months and the article is worried about the situation of housing when the mortgage interest rates increase which likely wouldn't exceed 1% or 2% on top of current rates!
In areas such as the GTA, there will always be a strong housing demand, rent has always been very high and for families the rental costs could be very similar to the cost of owning a property.
What the graph is telling me - Canada has an issue of "undeclared income", when we say property prices are disconnected from the average income, well then how is the money being paid for those properties? The income is there...just not declared, or under-declared (could be offshore or whatever) ...the US is better at tracking your earnings wherever you go, Canada needs to ramp up its game. i.e. the average income in Canada is simply not correct..it represents the local salaried employees which is only a subset of the buyers in the local Real Estate market.
