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Forum » average detached house prices in Canada
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Thread: average detached house prices in Canada

post 1618223751 10-02-2020, 11:24 AM
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average detached house prices in Canada

2.3m vancouver
1.5m Toronto
1.3m mississauga

Going up 60k net each year lol. Who the f affords these?
post 1618225731 10-02-2020, 11:45 AM
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Mostly foreigners I'd assume. Most people I know are moving out of cities for suburbs or new and upcoming towns.

My uncle moved to one of these upcoming towns in like 2015-16 and the house cost them like 300k and now the average price is 500k-600k. The housing market in Canada has to be one of the most regulated sectors because these prices are out of control.
post 1618226011 10-02-2020, 11:49 AM
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prices reflect asset inflation, CAD losing lots of value over the years
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post 1618226071 10-02-2020, 11:50 AM
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Canadian gov cares far more about taking money from chinese investors than maintaining stability for their own citizens. Same with US unfortunately.
post 1618226201 10-02-2020, 11:51 AM
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the funny part is many of these units or housing aren't even occupied, they are just sitting there as an investment lol

i mean it's other things as well but foreign investors, particularly the chinese is a big one

no average family realistically affords any of this, also fuk living in the city (srs)
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post 1618226281 10-02-2020, 11:52 AM
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It's ok, the government raised the minimum wage again so it's all good.
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post 1618226341 10-02-2020, 11:53 AM
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post 1618226391 10-02-2020, 11:53 AM
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Yep. Foreign investors. My city is experiencing a huge boom and apparently sometimes for viewings they even need translators because the buyers can't speak English. Then they come over the top with ridiculous offers and the house is up for rent or on AirBnB a month later.

It's frustrating as someone who would love to be able to afford to get in, but unless you want to severely overpay it doesn't make any sense.
post 1618226431 10-02-2020, 11:54 AM
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Sounds lime a true liberal utopia....
post 1618226631 10-02-2020, 11:56 AM
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Come to Alberta *******s, you can get an actual single detached home with a garage and yard for under $400k easily.
post 1618226821 10-02-2020, 11:59 AM
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Originally Posted By lnvictus⏩
huge if true but that feel when work is in a different part of the country
would the commute even be longer than what you have now?
post 1618226891 10-02-2020, 12:00 PM
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Originally Posted By OttomanEmpire⏩
2.3m vancouver
That's what happens when 60% + of the population lives in 1% of the land

post 1618227031 10-02-2020, 12:02 PM
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Well canada spreads its legs to any passing transient so you see unbalanced economic pimp slapping like that because you live in a whore country.

Congratulations on being a c unt sponge.
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post 1618227121 10-02-2020, 12:03 PM
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All by design.

Price people out of houses aka having a family. Push for immigrants because ageing population. Create mutt society of low iq, low trust, low cohesion consumers. Meanwhile the ownership class get to sell off their 15 investment properties for 10x what they paid.
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post 1618227171 10-02-2020, 12:04 PM
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Originally Posted By MirinCanadian99⏩
Mostly foreigners I'd assume. Most people I know are moving out of cities for suburbs or new and upcoming towns.

My uncle moved to one of these upcoming towns in like 2015-16 and the house cost them like 300k and now the average price is 500k-600k. The housing market in Canada has to be one of the most regulated sectors because these prices are out of control.
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post 1618228021 10-02-2020, 12:13 PM
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Foreign investors. Also a lot of them are paying cash. So while the average folk is running around trying to secure a loan/mortgage, the foreign investor is handing over a cheque and closing the deal within days.
post 1618228271 10-02-2020, 12:16 PM
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Yeah, unfortunately its one of the only pillars thats propping up our economy so the government is afraid to crack down too hard on all the laundered and foreign money coming into our country. It's going to be nasty when it eventually crumbles. 5-year high ratio mortgages at 1.6% is insane and letting young people think they can afford a 800k+ house taking out third party loans to make it happen, when in reality they are barely affording it even at that low rate. If rates rise and inevitably will, I expect their will be a lot of people losing their house. You have families with 3 generations living under one tiny roof to make it work in some cases. Canadians are completely drunk on debt and with inflation rearing its head is going to get ugly.
post 1618228361 10-02-2020, 12:17 PM
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Foreign investors. Luckily i live in a smaller city so my detached home was $280k with a nice yard and garage. My commute is also 6-9 minutes.
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post 1618228531 10-02-2020, 12:19 PM
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Originally Posted By Jimbo0731⏩
Yeah, unfortunately its one of the only pillars thats propping up our economy so the government is afraid to crack down too hard on all the laundered and foreign money coming into our country. It's going to be nasty when it eventually crumbles. 5-year high ratio mortgages at 1.6% is insane and letting young people think they can afford a 800k+ house taking out third party loans to make it happen, when in reality they are barely affording it even at that low rate. If rates rise and inevitably will, I expect their will be a lot of people losing their house. You have families with 3 generations living under one tiny roof to make it work in some cases. Canadians are completely drunk on debt and with inflation rearing its head is going to get ugly.
jfc are you srs m8

people are getting 1.6% jumbo loans for 800k? HOW TF IS THAT POSSIBLE???

even if you put 25% down....There would be no point in a third party loan if you had more than that to put down.

That market is going DOWN. As soon as owners can't sell, they will foreclose or short sale.
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post 1618229271 10-02-2020, 12:26 PM
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JFL if you don't have, at minimum, 100 labourers working in an off shore factory pumping out chit tier quality goods.

Originally Posted By Frank
Come to Alberta *******s, you can get an actual single detached home with a garage and yard for under $400k easily.
fuk off, we're full
post 1618229371 10-02-2020, 12:27 PM
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Originally Posted By friendzonebrah⏩
There is zero valid reason to live in a metropolis so I don't even feel bad about those prices.
Literally an hour or 2 away from those areas, the prices are catching up as well. People are moving out of there and buying far away in cash and as result raising the prices there as well. I'm 2h away and brand new houses were 500k 3-5 years ago, now they're already 1m.
post 1618229591 10-02-2020, 12:29 PM
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Is that supposed to be a lot of money?? For an average miscer?
post 1618230821 10-02-2020, 12:41 PM
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Cousin spent 800 k in Burlington, Ontario. The house is, ok, not great, probably should be $500k He did grow up in a posh house in Mississauga that my Aunt sold for a townhouse in Oakville which was awesome. His sister lives north of Barre. She might as well be on the Hudson Bay.
post 1618232091 10-02-2020, 12:54 PM
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and prices are still going up lol at this clown world. move out at 19 they said, what a joke
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post 1618233531 10-02-2020, 01:09 PM
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Originally Posted By ontclone⏩
and prices are still going up lol at this clown world. move out at 19 they said, what a joke
Prices actually increased rather than decreased with covid.

What we expected: everyone rushing to sell their homes due to lost jobs... increasing supply

What we got: no one wanting to put their house on the market and have tree fiddy people show up... leading to decreased supply



Generally speaking, the markets dip a bit during fall/winter seasons but I doubt that will happen this time around.


I actually just bought a 5 unit property in st Catherines for 780k. 1.9% interest rate lmao... they are basically giving us free money at this point.
post 1618248381 10-02-2020, 03:41 PM
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Originally Posted By exxtracool⏩
Prices actually increased rather than decreased with covid.

What we expected: everyone rushing to sell their homes due to lost jobs... increasing supply

What we got: no one wanting to put their house on the market and have tree fiddy people show up... leading to decreased supply



Generally speaking, the markets dip a bit during fall/winter seasons but I doubt that will happen this time around.


I actually just bought a 5 unit property in st Catherines for 780k. 1.9% interest rate lmao... they are basically giving us free money at this point.
Prices for everything here have gone bonkers. All the money that was being spent on international holidays is now being spent on furniture, 4x4/camping, houses, animals etc
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post 1618250861 10-02-2020, 04:06 PM
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Originally Posted By Frank
Come to Alberta *******s, you can get an actual single detached home with a garage and yard for under $400k easily.
You can get one in Winnipeg or Regina for that too. Problem is then you have to live there.
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