Canadian Houses Are Wildly Expensive 🏠💸 No Cap

The Deets

Okay, fam, let's get into this real estate sitch in Canada. So, basically, houses have become ridiculously expensive over the last three decades. We're talking major cap on the price increases in cities like Halifax, the GTA (that's the Greater Toronto Area for you noobs), and Saskatoon. Like, up 460% in Halifax since '94! That's wild!

But here's the tea: wages aren't hitting the same level. Imagine trying to buy a house when the prices are skyrocketing, but your paycheck is just vibin'. Major L for first-time buyers tryna enter the market. It's lowkey impossible, tbh. High interest rates and tight lending policies ain't helping either.

And why is this happening? Well, more people are moving in than there are houses available. It's a whole supply and demand thing. Calgary and Edmonton saw a big population boost, making the problem even more extra. Compared to other G7 nations, Canada has fewer houses per person, which is kinda sus.

The government's been tryna step in with taxes and stress tests and stuff, but it's all just part of the market cycle. They're trying new stuff to fix the supply problem, but we'll see if it actually slaps. For now, owning a home in Canada is still the dream for many, even though the national homeownership rate was 66% in 2021. Keep your eyes peeled, fam, cause these developments are kinda important.