When Andrés Peñaloza and his wife Maria Fernanda Gonzalez first immigrated to Canada from Venezuela more than two years ago, they dreamt of a better life, which included owning a home. But after years of looking to buy something that would be suitable for the family they hope to start in Vancouver, they’ve quit searching.“We’ve seen the bidding wars and houses selling way over asking price. It’s very discouraging,” Peñaloza, who works as a research assistant at the University of British Columbia, told Global News.With the average home price in Canada jumping 31.6 readmore
There’s a simple yardstick in personal finance about purchasing a home: buyers should aim for a property priced at four times their income or less. But average Canadians’ ability to stick to that simple rule is rapidly fading across much of the country as property values continue to soar.In the pandemic-linked housing boom, average residential property values have become decoupled from average incomes over vast swathes of the county.Here’s a look at average incomes relative to average home prices across markets over the last 40 years. Read more: What you can buy in housing markets across Canada readmore
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