It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.
It’s been rough out there. My wife and I recently moved and purchased a home in Edmonton as it is one of the few “affordable” cities left in Canada.
It won’t last. Various “armpit” towns throughout Ontario are now unaffordable. North Bay, Timming, Peterborough, Thunder Bay: all of them were cheap, and fell to investor speculation-based increases.
I’d encourage other provinces to preemptively smack down speculation hard, now, before the problem metastasizes. Don’t wait until GTA or GVA property investors have played Monopoly in your small town; do it now, even if it offends a few established property owners.
I moved to Winnipeg 5 years ago. You’re right.
The place would be a lot better if the provincial government would stop putting barriers up for anything that would benefit the city. As it is, we might as well not even have a mayor and council as the province regularly overrules decisions they make.
