Canada May Be On Verge Of Collapse As Housing Bubble Tests Limits Further

[Economy 52,839]

http://m.huffpost.com/ca/entry/9468318

 

The average house in Canada now costs $503,000 after rising another 16% over last year

 

The housing boom began in 2000 some 16 years ago and prices have risen over 200% since. Despite calls for a correction or housing bubble burst, year after year prices soar higher

 

Canadian Banks are not holding back lending either. With Mortgage rates at 2% banks need as many loans as possible to make money. That helped sales volumes go up another 18% over last year

 

The average Canadian is now in debt by 167% of annual income, highest in Countries history and 30% higher than the peak in America before the subprime crisis. Economists at this point do not understand what is causing prices to go so out of touch with peoples incomes as there is no shortage of housing after years of construction boom.

[OBEY 57,109]

daddy justin got my back if im collapsing  

[weed 78,877]

Omg that's so expensive for the average

[StarstruckIllusion 53,563]

kms. 

 

kms kms kms. 

 

I

[Economy 52,839]

7 minutes ago, neptugne said:

Omg that's so expensive for the average

Thats about what it costs in my city

 

Just a few km south of me in Mississauga they are all $600,000 to $700,000 in most areas

 

And in Toronto $1 million for a piece of crap. Vancouver is even more expensive, $1.3 Million for the average condo  

 

you can get houses for 100k to 200k in Country or irrelevant cities tho  

[Economy 52,839]

4 minutes ago, ROARyals said:

kms. 

 

kms kms kms. 

 

I

Whats kms?

[kvnrp 48,353]

1 minute ago, Economy said:

Whats kms?

[Delulu Rogers 7,660]

My parents bought their house for 200, 000 in the year 2000 now it's worth over 800,00. That's why Toronto has become condo city but even those are so expensive now. All my friends keep saying they'll never buy a house 😢

[Economy 52,839]

29 minutes ago, ChrisC said:

My parents bought their house for 200, 000 in the year 2000 now it's worth over 800,00. That's why Toronto has become condo city but even those are so expensive now. All my friends keep saying they'll never buy a house 😢

I think u mean 800,000?

 

and yeah, my grandparents have house there too. Its crazy

[TiphEret 1,320]

**** no why! I don't understand! But Quebec remains cheap? Montreal rents are cheap don't know about buying. I want to buy there when I finish to pay my student loan

[Economy 52,839]

14 hours ago, TiphEret said:

**** no why! I don't understand! But Quebec remains cheap? Montreal rents are cheap don't know about buying. I want to buy there when I finish to pay my student loan

Yeah. Quebec was always a cheaper province. The only province with more population that still has cheaper housing

 

of the biggest cities:

 

Toronto, Vancouver, Calgary, Edmonton and Montreal... Montreal is cheapest

 

It might be because Quebec for years had had low population growth and weak incomes

 

[TiphEret 1,320]

8 hours ago, Economy said:

Yeah. Quebec was always a cheaper province. The only province with more population that still has cheaper housing

 

of the biggest cities:

 

Toronto, Vancouver, Calgary, Edmonton and Montreal... Montreal is cheapest

 

It might be because Quebec for years had had low population growth and weak incomes

 

Come live here! so you can become a landlord

[JustinTrudeau 2,419]

At this point, I'll never get to own a house. By the time I graduate from university, I'll probably be living with my parents till in my 40s or settle for a shoebox apartment.  I don't want to move out of Canada, my family struggled too much to get a citizenship and a good life here.

None of these houses are worth their prices (some of them are falling apart ffs), and all the good paying jobs are in the more expensive areas like Vancouver and the GTA. I can't get an IT job in a farming community. 

God help us all. 

[PunkTheFunk 125,703]

Slay at me never being able to afford a house and probably living with my parents for the rest of my life 

[Shipper 13,114]

I dont live in Canada but buying a house is one of my life goals. I would probably chose to live in a suburb far away from a major city just to own a house. Don't really care as long as I have fast internet connection and at least drivable distance to a grocery store. 

Those house prices are insane. Lol  good bye dream house and hello student loans though.