Nightmare in Canada

The average sale price of a house in Saint John, New Brunswick is $250,000. Right now, the most expensive house for sale in Saint John is priced at $1.2 million. Compare that to Toronto where the average sale price of a detached house is $1.75 million. This will rip apart families and friends:

Soaring home prices in Ontario, which are up between 30-50 per cent from last year depending on the area, are forcing a growing number of residents to give up on their dreams of home ownership.

A new survey by Right at Home Realty found 51 per cent of respondents say they believe they may never be able to afford a home in their current city or town. It gets worse for people looking in the Greater Toronto Area at 55 per cent and 59 per cent in the 416 area code region.

Hamilton, a largely middle class city one hour away from Toronto, has become unaffordable for most:

Vancouver, Toronto and Hamilton are, according to new research, the least affordable cities in North America.

Vancouver was the least affordable city, with Toronto in second place and Hamilton in third. All three are more expensive places to live than New York and L.A.

I have been looking at real estate in the Greater Toronto Area for a few years. It's crazy how a house that would sell for roughly $100,000 in parts of the US can often be priced at a million dollars in Canada. It's simply unattainable for most Millennials and Generation Zyklon in the Crazy North.