A detached home in Canada may cost a whopping $2.1m by 2030 if housing prices are left to rise without regulation, a new study by Vancity has warned.
Vancity also cautioned that a homebuyer would need more than 100 per cent of the median household income to afford the predicted average price as incomes will not be rising, the Vancity Buzz
The study, titled “Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond” provided warnings for young homebuyers in the next few decades.
“Western Canada was settled on the dream of property ownership. Enterprising European immigrants were told that for the mere cost of showing up and their effort to cultivate the land, they could have something the old world could never offer: a piece of land to call their own,” it stated.
“In post-war years, this dream of home ownership came to be redefined to mean a bungalow and white picket fence. The sale of urban and suburban lots skyrocketed as families left inner city life for the quiet and controlled environment of residential neighbourhoods. For two generations, the single detached home has represented the focal point of the Canadian Dream.”
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