Quote:
Originally Posted by Innsertnamehere
And yea - Toronto and Vancouver have problems, nobody is debating that.. But Toronto accounts for about 7% of Canada's population. It's not all of Canada.
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You're being disingenuous here. It's not just a central Toronto or central Vancouver problem anymore, and hasn't been for a while - you won't find any housing relief in the outer GTA or Metro Van either; and these two metros alone account for a quarter of the population.
Smaller cities in Ontario and BC might offer some relief, but unless you're cashing out of a TO/Van property, they don't have enough of a job market to support the prices (eg. I can't afford a home in Vancouver at my household income, but I could in Nanaimo. Except that I wouldn't find a job in my field at my current salary level there). Affordability is rapidly deteriorating in other cities like Montreal, Halifax (now the 3rd most expensive rental market apparently), and Calgary. I'd argue that the majority of Canadians now live in unaffordable housing markets.
The average Canadian home price is now $716,000 (which is above what the average household income could afford, without assistance). Rents are up 10-20% year-over-year. One won't be able to bury their head in the sand that everything is fine for much longer.