Canadian population growth to drive home prices higher and faster: Report (www.bnnbloomberg.ca)

submitted 2 years ago by sik0fewl@kbin.social to c/canada@lemmy.ca

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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.

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[-] Frederic@beehaw.org 11 points 2 years ago

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?

[-] ininewcrow@lemmy.ca 5 points 2 years ago

Government answer: yes

Corporate answer: yes

Canadian population answer: .... huh? ... staring at nothing ... wah?

[-] Showroom7561@lemmy.ca 4 points 2 years ago

how can people, especially young people working at less than 20$/h and sometimes partial time, will do to buy a house?

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.