Think the US housing market is bananas?— BowTiedAlpaca | Chad Biglaw Attorney (@bowtiedalpaca) May 8, 2022
Just wait until it looks like 🇨🇦 pic.twitter.com/EZh6dvWdBP
Here's a photo of a simple house that's a one-hour drive away from Toronto:
There are 4 bedrooms, 2 bathrooms, and it's 2,100 square feet. Not too small to be cramped and not too big to be ostentatious; it's just the right size for an average family.
It's on sale. Can you guess the asking price? $1.6 million*. The 20% down payment would be $320,000. The monthly mortgage payment? $6,700. That's $80,400 a year for 25 years! A husband and wife together would need to make a minimum of $200,000 income to even think of buying such a basic house.
* $1.23 million in US dollars.