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Has been clamoring that there is a serious bubble in the Canadian real estate market, will there be a subprime mortgage crisis like the United States? Recently, Point2homes, a well-known Canadian real estate information website, wrote an article comparing the real estate markets of Canada and the United States in the last decade to see what they said.
Generally speaking, buying or renting an affordable house is more challenging and financially burdensome for families in both Canada and the United States than it was a decade ago. The key data compared by Point2homes are changes in average house prices, rents, home ownership, median income and affordability.
Over the past decade, the average house price in Canada has risen by 56%, and the average house price has risen from C $305000 to C $476000; in the United States, house prices have risen by 24%, and the average house price has risen from $245000 to $303000. House prices in the United States have risen more moderately.
In the case of renting, average rents have risen by 25% in Canada and 23% in the United States over the past decade.
Of course, real estate always has a strong regional nature, and there are great differences among regions and cities. The two most expensive cities in the United States are New York on the east coast and San Francisco on the west coast, where the average rent in Manhattan is $4119. There are four cities in the United States with an average rent of more than $3000: San Francisco, California ($3590), Boston, Mass. ($3379), San Mateo, California ($San Mateo,3234), and Cambridge, Massachusetts ($3112).
The two most expensive cities in Canada are also the two cities with the most expensive rents, Vancouver on the west coast and Toronto in the east. But their rents are still much cheaper than in some of the most expensive cities in the United States, with an average rent of about C $2000.
For a long time, there has been a misunderstanding in Chinese circles that Chinese like to buy houses, while Westerners prefer to rent houses. However, a number of surveys in the United States show that most American consumers see owning their own homes as part of realizing their American dream. Although there is no similar survey in Canada, the culture of Westerners is consistent, and the home ownership rate in Canada is slightly higher than that in the United States. This shows that both Chinese and Westerners still want to own their own houses if they have the ability.