You Can't Swing a Dead Cat Without Hitting a $400,000 House
Yes there’s been a fantastic housing boom happening in Canada.
Yes, there’s a housing construction boom in the GTA. Condos are blooming faster than the leaves are falling this autumn. Suburbia stretches it’s spidery fingers beyond what should be the outskirts of Toronto. I get it. Young professional buys condo, marries other young professional who also owns a condo, they sell and move to the ‘burbs and easily snap up a $400k ‘burb villa.
But what if you weren’t one of those urban professionals? What if you were a normal Joe, who happened to grow up in Aurora, or Unionville, or Newmarket, you liked living there, and you liked working there. You’ve got a reasonable job, doing what you like, and bringing home the average Canadian salary of $43,000/year. How are you going to get a home of your own, when every house requires 2 incomes, and by geeze, those incomes had better be able to get you a $300k mortgage.
In York Region, right now, there isn’t a family home for sale that is under $200,000. Not even a semi, not even a townhouse. Is everyone in York Region making that much over the Canadian average? It it a case of complete and utter debt for folks who *do* manage to buy a house? An MLS Search finds that there are 9 townhouses between $149-$300K in the southern York Region area.
It’s ironic that someone could work in York Region, yet have to live elsewhere and commute, simply because real estate is out of control?