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Message Subject How much is your monthly mortgage....
Poster Handle Anonymous Coward
Post Content
The housing market in Canada is terrible (especially in Ontario).



Brand new (4 years old) 3 bed 3 bath on less than 1/2 acre.

$1050/m at 2.69%
Property tax = $3400/yr



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To get an understanding of how bad it is here, if you wanted to rent a house it would cost between $1800/m to $2800/m (not including anything). If you wanted to rent an apartment it would cost you between $1200/m to $2000/m.


Average house price here is $489,000.

Shitty small town-houses typically go for $380,000+.

Anything less than $250,000 will only get a total slum requiring a tear down and rebuild.


A standard family home (1700sqft to 2000 sqft) will cost around $560,000.

A good family home (2500sqft to 3000sqft) will cost around $700,000.


Anything over 4000sqft will cost over $800,000.


Most people are paying over $2000/m on mortgages. If interest rates go up (which they will) lots of people will lose their homes.

 Quoting: Anonymous Coward 75993659


Is that in all of Canada, or just a particular city? Please elaborate.


 Quoting: Anonymous Coward 76281501


It's pretty much the case all through Canada. Real estate agents throughout Canada have pushed the prices higher and higher to collect higher commissions. They've used the excuses of larger cities as the reason why prices everywhere needed to go up. The housing market in Canada is super inflated. It's getting to the point like it was in the US (2008) before it burst.


In very large cities like Toronto, Vancouver, etc, the prices are much higher.

In small remote, middle-of-nowhere, places up north, the prices are much lower.
 
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