this post was submitted on 06 Sep 2023
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Ya and my mom bought her house for $45k in 1980
Iβm looking at 4 bedrooms right now for about $1.2m
Dunno where she found a house for $45k ($160k in today's money) in 1980. Dad bought a new, three bedroom, split-level in Moncton in 1979 for $79k ($310k in today's money). Moncton at the time was really struggling with the recession. Prices in the GTA were much higher.
Housing prices were rapidly increasing in the GTA, and did so through the 1980s, finally flatlining at the end of the decade, before taking off again around 2000.
Also, prime mortgage rates at the time hit 16% in 1980 and peaked at 21.75% in 1981.
I just sold a 2500 sq ft, 4 bedroom house in Regina for a bit under $390k a few years ago. My current place in Winnipeg is a 1000 sq ft, two bedroom, two bathroom unit. and it was $260ish.
I purposely avoided transfers to the GTA or Greater Vancouver. There is no way I'd give up my free time and disposable income to be that miserable.