Canada is facing a housing crisis. According to CREA, the average price of a Canadian home will increase substantially in the coming years, reaching $786,000 this year, and expects the average to rise to $810,934 in 2023. (Source)
This means that people on low or fixed incomes are going to struggle even more with finding affordable homes in Ottawa and Canada’s major cities. Even smaller communities like Rockland are seeing the average price of a home skyrocket.
Will Canadians have to get used to high housing prices?
The answer is unfortunately yes. Prices are expected to continue rising as demand outpaces supply, so unless something drastic happens, Canadians are going to have to get used to high housing prices.
What does this mean for me?
Many people are worried that they will no longer be able to afford to live in Canada’s major centers. The prices are only going to continue to go up, so unless you can afford a million-dollar home, you may have to start thinking about moving to a smaller town or city. There are still some affordable options out there, you just have to be willing to think outside the box. But, if you can buy a home now, wait no longer because prices are only going to continue to increase in the years to come.
What’s causing the housing crisis?
There are many factors contributing to the current housing crisis in Canada. One of the main reasons is that there is more demand for housing than there is supply. This means that people are competing for a limited number of homes, which drives up prices. Another factor is that interest rates are at historic lows, which makes it cheaper to borrow money and buy a home. This has led to more people buying homes, which has further increased prices.
The current situation is not sustainable and something needs to be done to address the housing crisis. The government has been working on some solutions, but it will take time for these to be implemented and have an impact.
Facing high housing prices
For many Canadians, the current housing market is a cause for concern. Prices are only going to continue to rise in the coming years, which means that finding an affordable place to live is going to become even more difficult. If you’re looking for a new home, you may have to start thinking about moving to a smaller city or town like Rockland where prices are not as high. It’s also important to be realistic about your budget and what you can afford. Don’t overstretch yourself financially just because you want to buy a home. Wait until you can afford it and be patient.
High housing prices are going to be a reality for Canadians for the foreseeable future. However, this does not mean that we should give up hope. There are still some affordable housing options available, you just have to be working with a good agent that is looking out for your best interests. If you’re buying a home, don’t wait any longer because prices are only going to continue to increase. Don’t be afraid to ask us for help if you’re struggling with finding an affordable place to live!
Thank you for reading!