Red Hot Housing Market
The housing markets have been red hot in the past decade, houses in parts of the United States and Canada have been astronomically expensive. Specifically cities around the west coast and east coast. Vancouver and Toronto has been notorious in this going back to 2000s when the real estate prices started increasing.
Younger generations can’t handle over asking prices
From 2003 to 2021 the property bubble developed with the trend of expensive housing still running. The younger generations of Canadians have no hope of affording a home like their parents and grandparents. Some have resign, giving up on owning a house, opting to rent and live under the rules of a landlord. Others are force to move elsewhere away from the urban sprawl that they once grew up in, and some are force to be homeless, experiencing unnecessary hardship. Recent events has drive the real estate price to something far beyond the grasp of the local denizens of Canada. With housing prices being sold over the asking prices. It’s not just some measly $40,000 or 60,000 either, the houses are being sold $400,000 over the asking price and some are even higher!
The Canadian real estate market is one of the most overvalued, with prices growing at an extremely fast pace. With annual growth being the biggest in the G7, Many has speculated that the bubble will burst soon but that saying has been floating around for years now. It seems like the bubble is just going to get bigger with no signs of stopping. For instance even a rundown crack house is price in to be $1,000,000 not even the doctors and engineers can afford these ridiculous, overly expensive, run down dumps.
It seems younger generations will either have to win the lottery, aggressively buy 0 DTE options, or inherit from their parents/grandparents to ever own a house in this day and age.