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Canadian house prices are deteriorating rapidly, while rents and the cost of living will only continue to hit record highs.
Real estate prices are soaring in all parts of Ontario, Canada, and the crazy housing market is not just in Toronto, but will continue to push up prices in remote areas and towns in the province as people move out of the city center, according to sUperLIFE.ca.
Soaring house prices are also a trend across major parts of Canada, and even in traditionally unpopular areas, the housing market is heating up rapidly. Ontario’s housing stock is the lowest of all provinces, while real prices are the highest, so Ontario residents may be the worst.
When looking at prices since 2005 using the Canadian Real Estate Association’s house price index tool, the market has soared at an alarming rate in the past two years alone, with average prices in many areas more than tripling in less than a decade. House prices doubled between January 2020 and January 2022.
Toronto is often seen as the most out-of-control because of high house prices, but in the long run, the huge market jump in lower-priced areas is also shocking.
Of course, this is a good thing for those who already own property, which means that more and more house prices are overvalued and renters are facing the reality of renting for life.
According to the changes over time on the chart, the extent of the increase can be clearly seen, especially during the pandemic.
From January 2005 to January 2022, house prices in 18 regions of Ontario showed a similar trend.
Although house prices in these areas are still significantly lower than in Toronto, they are rising as fast as Toronto. I don’t know when they will cool down.
According to some industry insiders, this may happen soon, but until then, if you haven’t entered the real estate market, it’s best not to do so.