The expected rise in Canada’s population is likely to make the country’s limited housing supply worse – and ultimately lead to even higher home prices, a report by Zoocasa forecasted.
The expected rise in Canada’s population is likely to make the country’s limited housing supply worse – and ultimately lead to even higher home prices, a report by Zoocasa forecasted.
Average is about 800k, in Montreal it’s about 700k, how can people, especially young people working at less than 20$/h and sometimes partial time, will do to buy a house? Even rental is out of control here. Buying a condo is even worst with monthly fees, 600$+/month is not uncommon, adding to mortgage, adding 400-500$/month for taxes.
People earn less than 2k/month and have to spent 1200-1500$ on rent.
Adding 500K-1M immigrants per year will brings workforce to build housing, but where will those people live? And housing price will go up anyway?
At one point the system will explode?
Government answer: yes
Corporate answer: yes
Canadian population answer: … huh? … staring at nothing … wah?
In fairness, nobody working minimum wage should expect to be able to afford to buy a house, although, high rent is a huge barrier for those people.
I’m more concerned with someone making a decent single income and not being able to afford a place to live or food to eat. Worse, someone with a disability or caring for someone with a disability (one less income in the family) as the support for them is non-existent.
The reality is, these days, you need at least two decent incomes to afford an entire house + the expenses that go along with it.