Housing 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
About two-thirds of Canadians say relocating is an acceptable sacrifice to find a home they can afford. Half say a distance of about 100 kilometres from where they currently live is the limit.
Red Deer also topped the list in a related category. It was Canada’s most affordable market based on the share of income spent on mortgage payments at about 26 per cent of average monthly income for an average-priced home. Best mortgage cities after that are Regina ; Brandon ; Thunder Bay, Ont. ; St. John’s and Moncton .Article content
Higher interest rates have already had an effect in the short term, says Re/Max Canada president Christopher Alexander, who noted “the market is starting to cool and balance itself out, bringing some much-needed relief from the sky-high prices that we experienced during much of the pandemic.”Article content
It found that the most affordable neighbourhoods in larger B.C. centres are Victoria’s Sooke, Saanich West and View Royal; and Rutland, Glenrosa and Kelowna North in Kelowna/Central Okanagan.Article content
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