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this post was submitted on 05 Oct 2023
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Start with income perspective. The average annual salary in 2022 was just under $60,000. Nationally, the average house price in summer 2023 was a bit over $750,000. These incomes and house prices are affected pretty strongly by the lower incomes and lower housing costs in rural Canada vs the major cities like Vancouver and Toronto
So.. shift attention to the cities. In Toronto and Vancouver, the average house price is around $1,200,000 give or take a little. You need at a combined income of least $280,000 to qualify for a house like that (or have substantial equity built up in previous home purchases). Most people are earning at or close to the national average... with a few - especially those in STEM careers (sw devs for example) up over $100,000 per year.
I live in a suburb city (I own my house)... it's inconveniently located if you want/need to be in the core city centre for work (I'm about 3 hours commute right now if I needed to go in to a downtown office.. thankfully I don't). Houses on my street are relatively new (most built in 2019 and 2020). The houses currently for sale are listing between $1,250,000 and $2,350,000.
Renting can be really awful in Canada too... you get stunts like this https://toronto.ctvnews.ca/this-is-egregious-sisters-shocked-when-toronto-landlord-raises-rent-to-9-500-a-month-1.6548845 simply because they can...
tl;dr Housing in Canada is bonkers
Thanks for the insight, this is crazy. We are looking for houses right now here in Germany, and and the last one we visited was 269 m² for around 500.000€ and 30 minutes drive away of the inner city of the next major city. I hope politics does something about your problem, it can not stay like this.
Germany has its own insanity in the housing market :-P I lived in Germany or several years. I rented vs buying and I dreaded moving because facing that shit show of a rental process (at least in places like Hamburg) was... too much. Queuing up with 100 other people all racing to fill in the rental application form first just so they'd get a chance at a place. I quickly learned to use an agency to line up rentals... and ended up renting a VERY nice newly built flat for the same price as the old many-times-renovated flats in the same district.
I did buy a house elsewhere in Europe and it was... interesting as an expat. It was substantially cheaper than Canada... granted it was many years ago, so not a fair comparison.
The Canadian government makes noises about "fixing" the housing crisis in Canada, but... I honestly don't think they can. Houses are currently priced out of reach... WAY out of reach for the average new home buyer. People can't save up a 5% to 20% down payment fast enough to keep up with the rising cost of living. The cost of everything is increasing at multiple times their potential salary increases (if they even get any).