According to a new report from REMAXca, nearly 2/3 of Canadians would be willing to change locations in order to buy property, while more than half also said they would be willing to sacrifice the type of home they purchase. realestatenews
Home prices may be dipping in some of Canada’s priciest markets, but homes still haven’t exactly become affordable. With high housing prices and the Bank of Canada’s rising interest rates making it difficult for Canadians to purchase in their current community, the majority of Canadians now say they’d be willing to relocate just to be able to afford a home.
“Despite affordability challenges across the cost-of-living spectrum, Canadians are still eager to engage in the housing market — even if it means making some sacrifices in the short-term to achieve affordable home ownership,” said RE/MAX Canada President Christopher Alexander.Changing locations isn’t the only sacrifice Canadians said they would make.
And in Ontario cities like Hamilton, London, and Windsor, realtors have also seen an uptick in alternatives to traditional home ownership.For 43% of Canadians, the high price of real estate in their area is a barrier to entry into the market — a 1% jump from last year. The average monthly mortgage payments across Canada range from $1,492 to $6,314, which accounts for anywhere from 25.86% to 112.25% of Canadian’s monthly income, the report says.
, with 25.86% of average monthly income being spent on the average-priced home. It’s followed closely by Regina, Saskatchewan with 26.94% of income spent on a home, and Brandon, Manitoba with 27.72%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Many willing to relocate to find an affordable home — but not too far: Re/Max studyHousing prices keep soaring in B.C. and other Canadian hot spots, but \u0022the market is starting to cool and balance itself out,\u0022 says Re/Max
Read more »
People are furious with Canadian grocery stores for profiting off inflationMost Canadians are struggling to afford basic necessities right now amid a 40-year inflation high, and food prices in particular continue to shock ...
Read more »