Quote:
Originally Posted by blankall
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.
|
Yeah, the same ratios apply in a lot of places. I have relatives who live on Vancouver Island. They bought a house in the mid '70s for ~$30K, their son bought a house in the same neighborhood in 2002 for $105K. Now those same houses (now 40+ years old) are worth $350-400K. Newer houses in the same area go for $450-500K.
Once again the mid '70s price and the price 25-30 years later is pretty much identical after accounting for inflation (both are ~$135K in today's dollars) while the current price is nearly 3 times as expensive.