The Crazy North
Dec 24, 2022
30 years ago $100,000 a year = house two kids vacation every year and maybe some international
— BowTiedBull - Read Pinned Tweet or NGMI (@BowTiedBull) December 24, 2022
Fast forward to today, you probably need $300,000 to do that in the same city where it was possible on $100,000 in 1992.
Yes this assumes some reasonable savings as well. Crazy world.
In 2000, the average house in the biggest city of Canada went for $250,000. A basic couple working together and making $100,000 a year could definitely get a mortgage and own that home after a couple of decades of reasonable payments.
Today, the average house in Toronto sells for almost $1.5 million! A couple who makes $200,000 can't even qualify for a mortgage for that house!
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