Quote:
Originally Posted by alps
Depressing news for young people. I would perhaps like to move back someday and buy a place, but the goalposts keep moving farther away.
To the new council: MORE HOUSING PLEASE
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This appears to be something happening in many cities worldwide, and in Halifax to a lesser extent. For example, I don't know how young people get a start in cities like Toronto, where you're usually talking about $1 million for a moderate buy-in. I'm not up on the market entirely, but I do know the daughter of a friend in Toronto recently purchased a small condo for half a million - a really small condo. I honestly don't know how they do it, other than accepting that they will be in debt their entire lives just to purchase a place to live in.
What is happening in Halifax appears to be more a temporary symptom of sudden growth, as our population is increasing at a much higher rate than I've ever witnessed (perhaps people who can't afford to live in Toronto?...).
I am encouraged, however, by the number of construction projects that I continue to see happening within the city. In fact just yesterday, while going to an appointment in an area of the city that I hadn't gone to in awhile, I noticed no less than 5 or 6 holes in the ground, where apartment/condo buildings are being constructed, that did not exist or were dormant the last time I drove through there just a few months ago. I think that more housing is on its way, it will just take some time to catch up with demand.
Single family homes, however, don't appear to be increasing at such a rate, as it appears that the city is now focused on building density as opposed to houses. There are subdivisions still being built a little further out, but you have to live in places like
Lantz, where you will have to commute by car if you work in the city.