Quote:
Originally Posted by atbw
Just wondering what a middle-class salary is. I agree with everything else, but right now the peninsula seems solidly $300K + except for condos. On 2 middle class salaries, more likely.
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I do think we're seeing a situation in Halifax where the markets for both renters and buyers is rapidly getting pricier, and our affordability advantage vis-a-vis other cities has declined. I actually have friends who moved here from Ontario a few years ago, thinking they would save up to buy a house. In the intervening years, the market has gotten not necessarily that much pricier, but somewhat pricier and
way more competitive. Listings only tell part of the story; they've gotten into bidding wars they can't possibly win, and the result is that they've soured on the possibility of owning an affordable place here. They're moving back to Ontario soon, and the attitude is like, "screw it, we'll rent in Ottawa."
I have other acquaintances who would prefer to live in the city, but are seriously looking at buying out around Musquodoboit.
So our deteriorating affordability is a genuine problem.
Having said that, 300k, or even 400-500k, for a city-centre detached house is not at all expensive when placed alongside most Canadian metros.