Anyone who complains about home prices in and around Toronto has heard some story of a relative or friend who used to get hold of real estate in the city for what looks like pennies compared to today’s prices, often a few hundred thousand dollars for a detached house in a popular area.
And while no one expects to pay the prices of past decades, the rate at which the cost of the average home has risen relative to normal inflation is insane.
A new report really puts this into perspective, analyzing where in Canada in general one can buy a home of their own for under $200,000 — perhaps the price your parents paid for their first home, and a price people in many cities can afford today. still pay.
According to the findings of housing market site Point2, the average price for a home in Canada is now nearly twice the average price for a home in the US, and has increased by 30 percent in just two years.
The company found that just 10 percent of homes for sale nationwide are under $200k, a price it calls “an appropriate reference point to gauge the share of what is now called an affordable listing.”
In Ontario, the landscape is bleak, with a shockingly scarce number of homes below this limit: 0.24 percent in Hamilton, 0.14 percent in Ottawa, and absolutely none in Toronto or even near (and less coveted) Brampton and Mississauga.
The experts call these finds “needles in a haystack” because they generally make up less than one percent of the available housing stock in the country’s 50 largest and thus most expensive cities, of which only 12 are on offer at all for less than $ 200,000 .
Even the places that to do Some listings at this price — such as Kawartha Lakes, Ontario, which topped the list of major Canadian cities with the most homes in this category — generally have high median home prices, which have risen exponentially in recent years.
Based on the data, if you’re hoping to buy an affordable home, your best bet would be to emigrate to a much smaller town in Atlantic Canada or the Prairies — or keep your eyes peeled for when prices could drop a little later this year. years, as mortgage rates and the total cost of living rise with inflation.