Economy 52,889 Posted August 29, 2015 Share Posted August 29, 2015 http://www.bnn.ca/News/2015/7/14/Authors-summer-2015-housing-correction-hunch-looking-more-likely.aspx With homes now costing 9X average incomes (was 7X at peak in US), consumer debt at 166% of income (was 134% at peak in US) and prices still rising even as Canada enters recession, Theres virtually no disagreement among experts Canadas housing bubble is huge Home prices are now so high, that despite mortgage rates at 2% or below, Canadians are so streched to the limit that theyve had to sacrafice things like RSPs to afford mortgages. Theres also a rise in sharkloaning when people refinance home equity to lend others for downpayments which is not legal Despite extreme unaffordability, Canadians rush into buying a home as soon as they can for fear if they dont buy a house now, they will never be able to Link to post Share on other sites More sharing options...
TiphEret 1,320 Posted August 30, 2015 Share Posted August 30, 2015 Is it worse in some province? I just moved to Montréal and I was surprised (and amazed) by how cheap it is to rent a room but I don't know how it is to buy? Sur le sable sur la neige, Sur les images dorées,Sur le front de mes amis, J’écris ton nom Link to post Share on other sites More sharing options...
Economy 52,889 Posted August 30, 2015 Author Share Posted August 30, 2015 Is it worse in some province? I just moved to Montréal and I was surprised (and amazed) by how cheap it is to rent a room but I don't know how it is to buy?it does vary from area to area. Southern Ontario particularly in Toronto area as well as Vancouver area are the 2 most heated housing markets. Vancouver is the most overvalued of all Calgary and Edmonton are also quite hot still although they may loose stem with lowering oil prices Montreal is actually the only one of the largest cities in Canada where housing is quite affordable actually But if ur in Vancouver or Toronto your being rapped. Calgary and Edmonton as well as suburbian cities around it are also bloody expensive Link to post Share on other sites More sharing options...
TiphEret 1,320 Posted August 30, 2015 Share Posted August 30, 2015 Wow okay thanks for the info! Do you think then it's a "good time" to buy a house in Montréal considering the low prices? Sur le sable sur la neige, Sur les images dorées,Sur le front de mes amis, J’écris ton nom Link to post Share on other sites More sharing options...
Economy 52,889 Posted August 31, 2015 Author Share Posted August 31, 2015 Wow okay thanks for the info! Do you think then it's a "good time" to buy a house in Montréal considering the low prices? lol i dunno. Montreal has not typically ever been a part if Canada with very expensive housing for some reason. It could be in part because Quebecs population isnt growing much Since i moved 10 years ago to my city (Brampton) which is a city of 600,000 in the Toronto area... Homes were always cheaper in Montreal than here... i was always jelous cuz i know ppl in Montreal and they get cheaper homes but wages are lower in Quebec than in Ontario, BC or Alberta where the hottest markets are so theres that as well still though, even taking lower wages into account, Montreal has traditionally always been the more affordable area for housing if the bug cities. Im not 100% sure why though. Link to post Share on other sites More sharing options...
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