Jan 27, 2016 7:08 PM GMT
How much you must earn to buy a home and live comfortably in 78 US cities
bachian saidHere in Canada Vancouver ranked 3rd most unaffordable real estate market in the world, topping London and NYC. Canada didn't have a correction in 2008 like US, the real estate market just kept going up fueled by decreasing interest rates, which are now bottoming. I don't want to be a home buyer in Canada in 2016.
paracosm saidYou can't mention Vancouver's housing market without talking about foreign investment. There are people oversea buying property in west Van without even viewing it in person. Thankfully, the Government raised the minimum down payment on homes over $500,000 to deter this behavior.
paracosm saidAlso, Canada didn't need a correction because the way our mortgage system works is so good that that other countries have began modelling theirs after ours. We don't sell property to people that can't afford it. That being said, even in Saskatchewan the price of homes and rent rivals that of bigger urban centres across the world. Which is why I'll never buy here.