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More Houses AND they cost More too!

After ranting about how there were so many more houses going up, now we hear that these houses are getting more expensive; by over 11% nationally in Canada? Interesting stuff really.

Now naturally I looked at Ottawa/Gatineau to see what the new houses around me are appreciating at, and was surprised that over a year they have only increased in cost by 3.3%, and the average new home in Ottawa/Gatineau costs about $162K (now I am positive that varies a lot by size of house and location, location, location), but that was interesting, so I then had to see which areas were skewing the data up so much, and you can guess where new house prices have increased the most: Calgary follow closely by Edmonton, both of them houses have increased by over 40% and the average new home price there is over $200K! Holy crap!

So the cost of a new house for a family is somewhere around $180K? Wow, I don’t think yearly wages are increasing by that much, so how are folks paying for this? My guesses:

  • NO downpayment mortgages
  • Large second mortgages
  • Living a very house poor existence

To those young families just starting out, you have my sympathies, because I remember how I was positive I couldn’t afford a house, when we bought our first house (bought is a relative statement, I never owned much of it, the bank owned most of it). Be wise and understand what you can afford and live with before buying into something you might regret later.

Feel Free to Comment

  1. 180k? I wish. In Vancouver the avg is somewhere above $700k for a detached now.

    Hard to find a detached that isn’t a teardown for under $450k.

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