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Homeownership dreams dashed for many young Canadians as house prices

admin April 25, 2021

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

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Bidding wars, record prices, viewing lineups: Halifax’s housing market heats

admin April 19, 2021

Two years after moving to Halifax from Ireland, Sarah and Nick Moriarty began house hunting.After losing multiple bidding wars, the couple offered $50,000 over the list price on a house – and included a handwritten letter by their seven-year-old daughter who was excited to plant vegetables in the garden – before they finally sealed a deal.“It was really frustrating and stressful and we almost gave up,” said Sarah Moriarty in an interview from the family’s new home in Bedford, a suburban community of Halifax.“I think the letter did pull on the sellers’ heartstrings because they had multiple offers and readmore

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Here’s how home prices compare to incomes across Canada

admin April 10, 2021

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

Category : housing market

Homeownership dreams dashed for many young Canadians as house prices

Bidding wars, record prices, viewing lineups: Halifax’s housing market heats

Here’s how home prices compare to incomes across Canada

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