Then we will never be able to buy :(. Im about to have my first child and its so scary living in a expensive rental market (Vancouver) where your landlords kick you out for anything they can legally claim (so they can re-rent, increasing the price). Then, trying ot find a new place in this that will accept a young family and rent isup another 200$. Just feels so insecure and scary. On top of stagnant wages and massive student loans. Would love to buy, but even the 30,000$ we’ve scrapped together through no vacays, limiting what we eat and going out, etc. over 10 years isnt enough. I’m 32 and all I want is a home where my children (we’d like two, but it may not be possible) are safe and wont be kicked out. So, sometimes it does come down to what the bank tells you, even if you know its wrong financially. Cant even start on retirement. Im so scared for our future. People make it sound like people walk into being ‘house poor’ because theyre stupid. Sometimes its because we have so few other choices. Sometimes we just want the security of a place to call home, where our kids can grow without moving every year.

we also need to know how much housing exist today and how much would be available at that time.

also I would divide these numbers by two assuming that couple would be needing 1 unit.

This could all be short lived but this is supposed to be the height of the Spring buying season now so we shouldn’t be seeing this. At the same time, prices went up way too fast from January to March so this may just be a breather. Either way, once prices start going parabolic like they have since 2016 things don’t usually end well. The interesting thing is prices in the GTA are tracking exactly like the Vancouver market that peaked last March and then drifted sideways to down for the rest of the year with a Foreign Buyer’s Tax putting the final nail in that coffin. It looks like the Provincial Government is going to implement the same policy along with some other speculation/flipper legislation.

That should be by what YOU can afford NOT what the bank tells you that you can afford.

Thanks Jim!

Always great to hear homeowners talk about the sacrifices they make in order to buy a home. I hear from people way too often that Boomers had it much easier to buy. In actuality, when you inflation adjust and factor in the sky-high mortgage rates, it really wasn’t that easy. It’s a sacrifice that people should understand before getting into it, instead of jumping in and figuring out afterwards.

Buy what you can afford, when it’s right for you, hold it long term. Compromise.

You can’t get more accurate and concise advice about ownership.

Immigration could also bolster first time buyers, but that’s expecting a lot from a demographic of people that are going to arrive to our rapidly deteriorating job market.