Property is fucked in areas such as southern on, bc interior, etc.
The problem is housing affordability will not improve unless there is a significant crash in those areas. Unfortunately government doesn't want prices to drop due to political loss and a tax revenue loss. Coupled with shit gets more expensive every year and everyone needs to eat. Regulations, planning, nimbyism etc.. Even cmhc has given the ability to buy a home and increase the number of buyers. Totally increased demand through government policy. Cheap interest rates, sketchy lending requirements, fraud.
Affordability can be found in other areas of Canada but no one want to live there or they lack the employment opportunities. It is possible but people want to live a lifestyle which has become increasingly unobtainable.
I've looked into several areas of Canada to buy but it seems that Canada and the housing market is somewhat like slavery. You are always going to pay every year, which increase every year. Essentially even if you have a zero mortgage you will always be paying rent to the government. Older homes typically have cheaper municipal taxes. Newer home have higher taxes. From a tax perspective it make sense to buy an old home to minimize the tax burden. I've been pontificating building my own home which would be self built and modest under 1000sq feet. The tax burden since its a new build would be very much higher not including all the fees associated with development and restrictions.
i don't thinks it's going to get much better, even if new inventory is built on a massive scale because there isn't any skin in the game for developers to make a profit while covering the build costs. The government building houses? Ain't no way that will be as efficient on a time and cost basis as the for profit sector.
Canada has made it much easier over the years to buy homes, which is great however there is always a reaction sometimes good sometimes bad.
I'm 99.9 percent sure I will leave Canada. Running the numbers I can live a much better life elsewhere. It's just a matter of exploring and finding a new home.
If you want to buy a house I would suggest to house hack. Rent out rooms, Airbnb a room, buy a duplex. Also just to cut costs on housing if you are not in a position to buy, rent a apartment with a buddy or rent a cheap room.
The problem is housing affordability will not improve unless there is a significant crash in those areas. Unfortunately government doesn't want prices to drop due to political loss and a tax revenue loss. Coupled with shit gets more expensive every year and everyone needs to eat. Regulations, planning, nimbyism etc.. Even cmhc has given the ability to buy a home and increase the number of buyers. Totally increased demand through government policy. Cheap interest rates, sketchy lending requirements, fraud.
Affordability can be found in other areas of Canada but no one want to live there or they lack the employment opportunities. It is possible but people want to live a lifestyle which has become increasingly unobtainable.
I've looked into several areas of Canada to buy but it seems that Canada and the housing market is somewhat like slavery. You are always going to pay every year, which increase every year. Essentially even if you have a zero mortgage you will always be paying rent to the government. Older homes typically have cheaper municipal taxes. Newer home have higher taxes. From a tax perspective it make sense to buy an old home to minimize the tax burden. I've been pontificating building my own home which would be self built and modest under 1000sq feet. The tax burden since its a new build would be very much higher not including all the fees associated with development and restrictions.
i don't thinks it's going to get much better, even if new inventory is built on a massive scale because there isn't any skin in the game for developers to make a profit while covering the build costs. The government building houses? Ain't no way that will be as efficient on a time and cost basis as the for profit sector.
Canada has made it much easier over the years to buy homes, which is great however there is always a reaction sometimes good sometimes bad.
I'm 99.9 percent sure I will leave Canada. Running the numbers I can live a much better life elsewhere. It's just a matter of exploring and finding a new home.
If you want to buy a house I would suggest to house hack. Rent out rooms, Airbnb a room, buy a duplex. Also just to cut costs on housing if you are not in a position to buy, rent a apartment with a buddy or rent a cheap room.
