I was standing in line at Starbucks the other day when glancing at the cover of the Globe and Mail I couldn’t help but notice the gigantic headline under Colin Firth’s smirking face:
- The average price of a house in Canada
- October 2008: $282,583
- October 2009: $341,079
That’s an increase of $58,496 on average to buy a house in Canada. Did I miss something? Aren’t we in an economic downturn?
That’s an increase of $58,496 on average to buy a house in Canada. Did I miss something? Aren’t we in an economic downturn?
The price of houses has escalated so much that people are lining up overnight (or recently in Toronto for up to a week) to be the first in line to purchase units in new condo developments.
I know that home mortgage rates are unbeatable right now, but I can’t help but wonder how long until the market becomes unsustainable.
