Sticker Shock: Canada's housing inflation keeping prospective buyers on the sidelines

Описание: The housing market was hot even before the COVID-19 pandemic hit, with prices leaving many wanting to purchase a home frustrated, but in the last few years that difficulty has soared as prices skyrocketed.

In places like Toronto, where the average price is more than $1.3 million, the annual income needed to afford that is about $228,000. With prices where they are, a young person making a typical amount of income must now work 17 years on average to afford a 20 per cent downpayment for an average-priced home. But in the two most expensive markets – Toronto and Vancouver – that timeline jumps to 27 years.

In part three of Global News' "Sticker Shock" series, Anne Gaviola looks at the impact of housing inflation and how it's keeping many prospective buyers on the sidelines.

For more info, please go to https://globalnews.ca/news/8869045/ho...
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