Another one? Or is this just the rest of the country catching up with GTA and Metro Vancouver?
this post was submitted on 07 Apr 2024
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The latter.
The CMHC sees existing home prices ripping higher as interest rates are cut. By the end of this year, they expect the average sale price to rise to $711,429—advancing 4.9% from last year. Explosive growth is forecast for 2025 (+9.5%), seen moderating in 2026 (+4.6%). Their baseline forecast has the average existing home fetching $814,851 by 2026, or 20% higher than last year. Most of the activity is forecast to occur in smaller, more affordable cities.
Most of the activity is forecast to occur in smaller, more affordable cities.
Oh good, just what we need. In the west I'm blown away by the cost of housing in many small towns that a decade ago you could get a huge house for under $100 000. It made sense when Vancouver was expensive because all the high paying jobs were there, but how are people affording these house prices in locations without abundant jobs?
People retiring? Remote work?
It's really sad that it's ripping up communities in small towns though. Housing is just ridiculous.
I grew up in a small community on Vancouver Island, my parents still live in the same house. When I was growing up there used to be dozens of kids on our street/neighbourhood. Over the last few years the only people who could afford to move in were people near or past retirement. Now there's only 1 out of 30 houses with kids, and I don't think a single other person is young enough to have kids if they wanted (maybe someone from my generation who couldn't afford to move out). It's really killed the vibe of the neighbourhood.