The issue isn't so much looking at fair value for homes respective to other jurisdictions, or even recent historical sales, it's that the availability of homes at under $350K is almost non-existent. The only opportunities to get into the market at this price point are apartment style condos, or properties with extenuating circumstances. Working class Canadians are being turned into a sub-class. This changes the basic structure of a kids upbringing significantly from what 'we' were used to growing up. There seems to be a level of segregation that we are building into our communities that wasn't there 20 years ago.
You can't even move out of the city to upgrade your home. Commuter towns outside of Calgary and Edmonton are pretty much priced the same way now. Smaller cities in BC are priced at Calgary prices, so Kamloops and Vernon are priced out for most people wanting a detached home with a backyard for the kids.
It feels as if a way of life is being exterminated.
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"By Grabthar's hammer ... what a savings."
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