Data from Point2Homes reveals that renters in 36 of Canada's 50 largest cities earn 60 per cent less than the minimum required income needed to buy a starter home.
FTA: The unaffordable cities:
1- Richmond Hill, ON
2- Oakville, ON
3- Markham, ON
4- Vaughan, ON
5- Richmond, BC
6- Vancouver, BC
7- Toronto, ON
8- Milton, ON
9- Whitby, ON
10- Coquitlam, BC
11- Burlington, ON
12- Brampton, ON
13- Mississauga, ON
14- Burnaby, BC
15- Ajax, ON
16- Surrey, BC
17- Langley, BC
18- Oshawa, ON
19- Saanich, BC
20- Kelowna, BC
21- Abbotsford, BC
22- Guelph, ON
23- Hamilton, ON
24- Waterloo, ON
25- Cambridge, ON
26- Barrie, ON
27- Kitchener, ON
28- Ottawa, ON
29- London, ON
30- St. Catharines, ON
31- Montreal, QC
32- Windsor, ON
33- Kingston, ON
34- Halifax, NS
35- Greater Sudbury, ON
36- Longueuil, QC
And the affordable cities:
1- Edmonton, AB
2- St. John’s, NL
3- Regina, SK
4- Saguenay, QC
5- Trois-Rivières, QC
6- Quebec City, QC
7- Lévis, QC
8- Winnipeg, MB
9- Saskatoon, SK
10- Gatineau, QC
11- Calgary, AB
12- Sherbrook, QC
13- Terrebonne, QC
14- Laval, QC
I’m in quite a high income bracket and by sheer luck bought my house right before the most recent price explosion. My small, poorly built, seventy year old home in a lower middle class neighbourhood is now worth four or five times what I paid. If I was renting, there’s no way I could buy it even though I’m making much more than I did when I got it. I can’t realistically look into upgrading, because the jump in cost to anything nicer is just absurd.
I have no idea how all this is sustainable and even less idea how our politicians think they can keep ignoring it. I know why they’re ignoring it, but they must be aware how this is going to end if they continue to shrug and look the other way.
Oh I’m sure they don’t. I just don’t know how they imagine the next few years looking. Are they all just assuming they’ll be out of the line of sight when things come to a head?
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I’m in quite a high income bracket and by sheer luck bought my house right before the most recent price explosion. My small, poorly built, seventy year old home in a lower middle class neighbourhood is now worth four or five times what I paid. If I was renting, there’s no way I could buy it even though I’m making much more than I did when I got it. I can’t realistically look into upgrading, because the jump in cost to anything nicer is just absurd.
I have no idea how all this is sustainable and even less idea how our politicians think they can keep ignoring it. I know why they’re ignoring it, but they must be aware how this is going to end if they continue to shrug and look the other way.
I don’t think they care. They want to win the next election, and that’s about it. It’s easy to sit back and let the Bank of Canada take the heat.
Oh I’m sure they don’t. I just don’t know how they imagine the next few years looking. Are they all just assuming they’ll be out of the line of sight when things come to a head?