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That's generally happened. House prices have notably increased not just in major cities, but also in smaller municipalities within commuting distances of Toron
by Majromax 5y ago
That's generally happened. House prices have notably increased not just in major cities, but also in smaller municipalities within commuting distances of Toronto, Vancouver, Ottawa, and Montreal.
Truly "cheap" housing is historically limited to rural areas far outside the traditional commuting area of the big cities, but the covid shock has put even that in question through remote work. Even though a small number of people in absolute terms are moving to rural areas (with sufficient Internet infrastructure, etc), that still can represent a large relative demand increase.
Some of this will probably shake out over the next few years as construction catches up where it can, but that's cold comfort to younger families on the market today.
- armagon 5y agoGoodness, I live in a rural area, and the house prices are only insane, instead of egregiously insane. I don't know how I'd afford a home for a young family if I was just starting out today.
- voisin 5y agoI concur with this. The story of insane housing prices being limited to TO and Vancouver is a 2016 story. Since the pandemic, it has hit ever podunk town in the country. Look at rural Nova Scotia and New Brunswick for evidence. Same price increases on a percentage basis as in significantly more populated areas. It’s interest rates!
- monkeywork 5y agoNS/NB/PEI rates went nuts due to lack of building and people from Ontario buying places unseen and well above asking (and from their point of view why not - sell your house in Ontario and you could buy 5 of them in NS at inflated prices and still be mortgage free). Go and look how many of these homes are on AirBNB and summer short term rentals every year and then sit empty the rest of the time.