RE/MAX's Decade in Review study finds that the average price of homes across Canada almost doubled, rising from $154,606 in 1997 to $307,265 in 2007.
source
Unfortunately wages haven't doubled in that amount of time. We're heading for a future where land owners are the people who inherited property.
Rising cost of housing
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Richard Bell
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Rising cost of housing
Interesting article.
Everybody knows prices have gone crazy in Vancouver, Toronto, Edmonton, and especially Calgary, but P.E.I.? Didn't know that.
Three hundred thousand will buy you a very nice house here (two hours east of Toronto, pop. 45,000).
I bought my house in 1992 for $89K.Made the last mortgage payment last July.:yh_party
Everybody knows prices have gone crazy in Vancouver, Toronto, Edmonton, and especially Calgary, but P.E.I.? Didn't know that.
Three hundred thousand will buy you a very nice house here (two hours east of Toronto, pop. 45,000).
I bought my house in 1992 for $89K.Made the last mortgage payment last July.:yh_party
Rising cost of housing
I believe this is a worldwide phenomenon, not just selective regions. There are pockets of still affordable housing but unfortunately they're all in Kenya and Somalia.
I AM AWESOME MAN
Rising cost of housing
Jester;817598 wrote: I think the reason the market in CA is so bad is because the prices are artifically high, and dont really cost what they were appraised for.
The appraisers kept raising their appraisals based on the fact that folks would but them even though they coudl not afford the payment when it balooned.
The houses arent really worth any more money than when they were first built. In fact, unless they were improved upon they shoudlnt be worth anything more than what they were originally purchased for.
What folks need to do is sit still and save and refuse to pay for the houses that are on the market and watch the prices drop.
Boycot new or used house buying.
Houses doubled in price in america because a second spouse went to work, had the second spouse stayed home the home sellers never could have set the price so high. Now we have babysitters watching the kids so the parents can afford a median priced home that they cant afford to make continual improvements on without going into their equity to cover it. And the children dont stand a chance to obtain a home in thier home towns.
We let greed rule.
It is a problem. I like your ideas.
The houses aren't what is assessed as valuable. It's the land.
The appraisers kept raising their appraisals based on the fact that folks would but them even though they coudl not afford the payment when it balooned.
The houses arent really worth any more money than when they were first built. In fact, unless they were improved upon they shoudlnt be worth anything more than what they were originally purchased for.
What folks need to do is sit still and save and refuse to pay for the houses that are on the market and watch the prices drop.
Boycot new or used house buying.
Houses doubled in price in america because a second spouse went to work, had the second spouse stayed home the home sellers never could have set the price so high. Now we have babysitters watching the kids so the parents can afford a median priced home that they cant afford to make continual improvements on without going into their equity to cover it. And the children dont stand a chance to obtain a home in thier home towns.
We let greed rule.
It is a problem. I like your ideas.
The houses aren't what is assessed as valuable. It's the land.
Rising cost of housing
A condo, in the West End, some 20 plus floors up is selling at $28M in Vancouver. All they are doing is building in Vancouver, and even out where I live in Port Coquitlam, so many new residential buildings going up, and they are mostly unaffordable to a lot of first home buyers. Totally out of reach for many people.
Rising cost of housing
The prices are pretty outrageous around here too - for a 3-br townhouse in Northern Virginia they go for around $700,000.
What's really interesting to me is that in the DC area, most of the housing within walking distance of a Metro station has held it's value...even over the downturn these past few years.
But the houses that are 10 miles from a Metro -- tanking in value. I guess that it's worth a lot to live near public transportation!
What's really interesting to me is that in the DC area, most of the housing within walking distance of a Metro station has held it's value...even over the downturn these past few years.
But the houses that are 10 miles from a Metro -- tanking in value. I guess that it's worth a lot to live near public transportation!