![]() ![]() Of all the areas analyzed, the report’s authors only found one city that actually saw a dip in prices in the last quarter: Edmonton, which saw home prices fall by 1.1% to $440,982. However, even in Montreal, Calgary, and Winnipeg, affordability continues to deteriorate. Get daily news from local news reporters and world news updates with live audio & video from our team. The outlook in Alberta, Saskatchewan, and Montreal is slightly better, with home prices often costing less than half as much as what’s seen in Ontario’s metropolitan areas. ApTrending News Canada’s military woes are ‘widespread,’ leaks show Leaked intelligence documents suggest that Canada’s military woes are widespread, and Trudeau knows NATO commitments won’t be met. MSNBC breaking news and the latest news for today. The outlook for other metropolitan areas, including Hamilton, Victoria, and Vancouver, is similar to that in Toronto, with home prices exceeding $1 million and continuing to rise. The report further notes that the annual income needed to afford such a home would have to be roughly $265,000 per year, meaning each person in a working couple would need to bring in six figures even to consider buying a home in Toronto - and it doesn’t get much better when you look at condos. 1 hour Woman dies in hospital, Manitoba crash toll rises to 16 dead Canada 6 hours Carey Price and family bid au revoir to Quebec, selling Montreal home for 1. As of Q2 of 2022, a representative non-condo home in the Greater Toronto Area has risen to $1,408,797 on average, a 6% increase in a single quarter. The affordability crisis has hit metropolitan areas the worst. In Q2, housing affordability worsened by 10.4 points, which the report’s authors note is the “worst quarterly and annual deteriorations in 41 years” and that the “mortgage on a representative home in Canada now takes 63.9% of income to service, the most since 1982.”īesides rises in inflation, the authors say that affordability is mainly deteriorating “on the back of rising mortgage interest rates,” with benchmark mortgage rates rising to levels not seen since 2011, just three years after the housing bubble financial crash of 2008.Īdditionally, Canada now sits in the eighth position in year-over-year home price inflation worldwide, with the average national home price rising by 18.1% in a single year. From life hacks to quick laughs, to trending tracks and bestsellers. ![]() Canada’s housing crisis reaches new lowĪccording to the report published by the National Bank of Canada, this is the sixth consecutive quarterly deterioration in affordability that Canada’s housing market has seen. From the latest news to the trends taking over TikTok, explore all thats happening. A new report shows that Canada’s housing crisis just got a lot worse, with affordability plummeting by rates not seen in over four decades. ![]()
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