Average home prices have been plummeting, but are still far from affordable in today's economy. GenSqueeze | realestate realestatenews housing housingmarket
”, the report posits whether the Canadian housing market is “at a turning point” — and how much further it has to go to be deemed truly affordable.The study examines the gap between local earnings and how average home prices have grown through 1976 to 2021 , for each province, and major cities.
The authors also point out that despite the deep price plunges recorded over the past year, national home values have only retreated to 2021 levels; “arguably a minor shift when viewed against the backdrop of decades of escalation.” Under current conditions, it would take a young person 17 years of full time work to save the 20% down payment needed to purchase the average priced home — 12 years longer than it took “today’s aging population.”
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