Canadian Housing Market is Giving Major 🚩🚩🚩

The Real Tea

Alright, fam, listen up. The housing market in Canada is a whole vibe, but not in a good way for your bank account. Word on the street is that buying a house got even harder in May, even though home sales nationally went up for the first time in like, forever. Blame it on rising home prices, while mortgage rates are just chilling doing nothing.

Peep this: the national average home price jumped almost 2% in one month, hitting $691,299. Like, are you kidding me?!

City by City Breakdown (aka Where to Move & Where to Avoid)

• Toronto: Ouch. You need an extra $650 just to keep up. That's, like, a week's worth of bubble tea.
• Hamilton: Hold up! A W? Affordability actually *improved* here. Maybe it's time to ditch the 6ix?
• St. John's: Major L. Biggest affordability drop in the country. Hard pass.
• Halifax: Income needed to buy a house climbed by $1,430. Big nope.
• Vancouver: Okay, a slight win. House prices are falling, so affordability *eased* a bit. Still expensive tho.
• Victoria: Same as Vancouver - income needed to buy a home dropped. Could be worth a look.
• Regina: Home prices jumped. More money needed. No thanks.
• Montreal: Housing prices are growing. Say goodbye to your paycheck.
• Ottawa: Aight bet. The income needed to own a home dropped.
• Winnipeg: Home prices increased. Gotta make more bread to buy bread.
• Edmonton: The income required to own a home increased. The housing market is not on your side.
• Fredericton: Housing costs grew. Say less.
• Calgary: Housing costs remained unchanged. Aight.

So, yeah, basically the housing market is still a mess. Rising home prices are to blame, and even the increase in national home sales can't hide that. Trade uncertainty, job insecurity, recession risk, and even the Donald is stressing people out. So many buyers are willing to move cities to find a place. 67% of people believe that Canada is less affordable than other countries.

The market is going through it, so buckle up, do your research, and maybe start manifesting a winning lottery ticket? Good luck out there, fam!