Real estate madness
May 15, 2017
Canadian house prices continue to march higher, with the average price of one sold in April hitting $559,317 — an increase of more than 10 per cent in a year.
Most of this increase is limited to two metropolitan areas.
Outside Toronto and Vancouver, Canada's housing market is much more stable. Stripping those two cities out of the equation, the national average price drops by more than $150,000 to just over $400,000 in April.
An average house price of $400,000 outside Toronto and Vancouver is still insane in a country where the average annual income is $50,000. Recently, I looked at house prices in Ontario and then in New England. Even with the unflattering exchange rate, many houses were 50% cheaper in the US!
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