The dream of owning an affordable single-family house is quickly fading, reports the Financial Post.
This likely won't happen overnight, but there is evidence that ground-level housing is becoming less and less affordable. In order to counter the costly state of home ownership, more developers are giving consideration to building townhouses or townhomes and what is called mid-rise or stacked housing.
Bank of Montreal chief economist Doug Porter notes that recently released CMHC stats show an increase in the number of row houses relative to detached homes.
“In the 1990s, you might have four or five single detached for every row house, now it’s more like three to one,” Porter said, adding these figures apply to the entire country.
Location always determines what a property's value is, and smaller communities will probably continue to have affordable detached homes available on the market. However. in large cities and suburban areas, the dream of purchasing a home at an affordable price is slipping away.
This likely won't happen overnight, but there is evidence that ground-level housing is becoming less and less affordable. In order to counter the costly state of home ownership, more developers are giving consideration to building townhouses or townhomes and what is called mid-rise or stacked housing.
Bank of Montreal chief economist Doug Porter notes that recently released CMHC stats show an increase in the number of row houses relative to detached homes.
“In the 1990s, you might have four or five single detached for every row house, now it’s more like three to one,” Porter said, adding these figures apply to the entire country.
Location always determines what a property's value is, and smaller communities will probably continue to have affordable detached homes available on the market. However. in large cities and suburban areas, the dream of purchasing a home at an affordable price is slipping away.
