Younger Canadians in the Greater Toronto and Greater Vancouver areas will never own a single-family home according to a real estate executive.
Ben Myers, senior VP of market research and analytics at Fortress Real Developments says that the Canadian Dream is dead in those cities with low supply and high prices among the single-family sector increasingly shutting out young buyers.
Writing for the Huffington Post, he calculates that if the pace of price growth continues over the next 30 years, today’s children will be facing a price tag for a single-family home of $11.5 million in Toronto and $45 million in Vancouver!
He notes that prices won’t continue to appreciate at the elevated levels that we have seen recently but concludes that unless supply is increased, all the measures to curb foreign buyers and vacant homes will not enable our kids to fulfil the dream.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: