Quote:
Originally Posted by Enoch Root
One final problem to address: where, other than in Vancouver or Toronto, is $750,000 representative of a starter home?
Comparable homes, in normal areas, when factored for interest rates, are not 3 to 4 times more expensive, as you were originally presenting them to be.
At least not when compared to the late 70s or early 80s. The 90s? Sure. Because housing prices had been flat for a while and weren't all that expensive compared to other periods.
Again, I am not saying things aren't tough right now. But the dates used in the original post to this chain were random and didn't represent anything close to the worst times to buy.
As your numbers show, once mtge rates are factored in, the differences are quite a bit less than the headline price implies. Looking at the early 80s, and comparing starter home to starter home, it isn't as crazy as some people want to believe.
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Lol...$750k does not get you a starter home in Vancouver or Toronto anymore...
You can buy an actual home on the street my parents bought their starter home for in Hawkwood Calgary for about $700k. The home is over 30 years old now, and falling apart. They got a brand new home. Every home on that street was filled with young parents in their 20s. They all had brand newly built houses.