Well, I believe the current exchange is around 30%, so a $400k house in America is a $520K in Canadian dollars. So there is around a 50% increase from that price to get to the median price of $750k. To be fair, the Canadian housing market has been grossly distorted by the housing prices in southern Ontario and the BC lower mainland. So o…
Well, I believe the current exchange is around 30%, so a $400k house in America is a $520K in Canadian dollars. So there is around a 50% increase from that price to get to the median price of $750k. To be fair, the Canadian housing market has been grossly distorted by the housing prices in southern Ontario and the BC lower mainland. So one has to ask, why is that? It seems obvious to me that the average Canadian can't afford these homes. Well, look at who is buying up the property in those areas. Money is coming from overseas, in the form of foreign nationals and also just direct investment. Corporations are buying these properties in order to turn them into rentals (like Air B&B). Money is being parked here. Toronto has received hundreds of thousands of new immigrants. Where are they all living?
Well, I believe the current exchange is around 30%, so a $400k house in America is a $520K in Canadian dollars. So there is around a 50% increase from that price to get to the median price of $750k. To be fair, the Canadian housing market has been grossly distorted by the housing prices in southern Ontario and the BC lower mainland. So one has to ask, why is that? It seems obvious to me that the average Canadian can't afford these homes. Well, look at who is buying up the property in those areas. Money is coming from overseas, in the form of foreign nationals and also just direct investment. Corporations are buying these properties in order to turn them into rentals (like Air B&B). Money is being parked here. Toronto has received hundreds of thousands of new immigrants. Where are they all living?