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I provide you with Canada’s news headlines for real estate news for today.
Home prices in Vancouver are quadruple what average millennial can afford: report
Housing affordability is still far out of reach for millennials across the country, a new report says, with the average price of a house in Vancouver perched a particularly unattainable four times higher than what those prospective buyers could safely afford to pay.
Canada Has Never Had More Homes Under Construction At The Same Time
Canada has a lot of housing in the works. CMHC numbers show construction of new houses in the county’s largest cities picked up in May. The increase puts the number of homes being built at an all-time record high.
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Toronto’s average home prices need to fall $523,000 to reach affordability
It’s no secret that housing affordability is an issue in Toronto.
And now a new study, Straddling the Gap: A Troubling Portrait of Home Prices, Earnings, and Affordability for younger Canadians, by UBC’s School of Population & Public Health shows the severity of the housing prices, and how Canadians between the ages of 25 and 34 continue to struggle with the gap between earnings and real estate costs.
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