Surviving isn't the issue, I'm doing fine. Affording a house is. Reaching the standard my parents had.
My wife and I both have degrees. There's no way we could ever afford their place. The population has increased too much and space - even in rural areas - is finite.
Of course when they bought it was a podunk town and they bought on the edge of city limits.
Now it’s a city of 2M and their property is regarded as central.
Of course I couldn’t afford it.
But I could certainly buy on the edge of some podunk town today.
Housing prices seem pretty inline with population growth after adjusting for location and building quality differences.
Canada had a massive run up and with increasing rate the ‘burbs of Toronto are down 25% in the last two months.
Unless you have a crystal ball, I wouldn’t count on the current trend continuing.
Are you saying that real estate prices in Toronto suburbs have fallen by 25% in two months? That's incredibly quick; generally real estate crashes take a couple of years to play out and bottom out at a ~40% decline.
That said, those same places were up 50-100% during Covid. But the latest drop bring them back to pre-Covid levels.
However, rates just went up 100 bps today and will likely go up by another 100 bps by year end.
Canada is looking at a major correction, but that said, the median price in Canada is 2x the US, so there is plenty of room to fall.