For a typical millennial to buy an average home in Canada, it’s 21 years in Toronto, six for a place in St. John's.
Experts say the astronomical cost of living in big cities is burden enough without adding the stress of buying a home at any cost.
Today’s Bank of Canada rate hike is just the latest thing pushing young Canadians further from home ownership.
“We have reached a point where there aren’t too many parking lots left to build on.”
After two years of steady rates, the Bank of Canada hikes the interest rate to 0.75%
An average household now spends 72% of its income on homeownership
You can get a place for as low as $150,000 as as high as $600,000
But prices still remain 15 percent higher than they were a year ago
Meanwhile, average home prices have shot up 30 percent
Tired of being cash poor, millennials are looking to sell
Irrationally high home prices are motivating builders to ramp up construction in urban Canada
“Speculators are buying homes, holding it for a year, and selling”