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Imagine not living long enough to ever afford a house. You can't by a tear down in Toronto, Vancouver, Montreal, etc for under a million. Houses rise in value
by hourislate 5y ago
Imagine not living long enough to ever afford a house.
You can't by a tear down in Toronto, Vancouver, Montreal, etc for under a million. Houses rise in value at a rate of about $$1500-2000 a week (for years) while wages have been stagnant for decades. You could have bought a house for 450k-500k in 2005 and sold today for 2 million. I've seen condos that were 175k in 2006 sell for 850k today. You can't even buy a shack out side the city for less than 500k and most are going for over a million or two.
Average price of a house in Toronto will be over 4-5 million in the next decade while the average wage will still be 45-65k.
- honkdaddy 5y agoYou can absolutely buy a teardown in Montreal for under a million. You can actually buy a really nice house in a decent neighbourhood for under a million. https://www.realtor.ca/real-estate/23885137/80-49e-avenue-montr%C3%A9al-lachine-west https://www.realtor.ca/real-estate/23885137/80-49e-avenue-mo...
- hourislate 5y agoMontreal is a little late to the party. I think the fact that the weather and English speakers aren't competing for Real Estate there has slowed the rise in price. It's only a matter of time. But really, 730k for a 3 bedroom/1 bathroom/ 1954 starter home? They didn't even list the sq/ft of the house (the entire lot is 5k sq/ft) it's so small, my guess is it's no more than 1500 sq/ft. Anyway, give it another year or two, it will get there.