this post was submitted on 06 Sep 2023
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The average house price in the 80s was 3x the typical family's annual income. Yes, 21% was high but had much smaller principals comapred to the 5%+ we have now when homes are at least 7x the typical family income.
Even worse in CCOL (Crazy Cost of Living) areas like Toronto or Vancouver. Vancouver needs a family income of over 225k to qualify for a mortgage on the average house price. This average house is not a dream home, you're lucky if it's 1200 SQ feet and in a safe neighborhood. Or within a 75 minute drive to work. Don't even get me started on trying to buy a car today either.
I think what we need to do is not compare how fucked it was then, I don't disagree that it was.
However it's clearly fucked now and nobody's doing anything to unfuck it.
So don't move to Vancouver or the GTA? Simple solution. I'm from the Maritimes. We'd always been told by Upper Canada and the West to "move to where the work is." Fair enough. How about moving to where you can afford to live?
Dad bought a house in 1979 that was $79k, in Moncton. In Toronto it would have been much more at the time. That's about $310k in today's money. Median income in 1979 was the equivalent of roughly $60k today. Dad made good money, had done well on previous houses, and Mum was an ER nurse, they could swing it. But a lot of people were really struggling. Especially those people who saw their fixed rate mortgage jump from 14% to almost 22%.
I'd generally agree, but unfortunately, we work in very specialized fields. The options in Canada for this work are Toronto or Vancouver. Otherwise its the USA and visas are a pain. We did that for a few years and while cheaper, that's a big fucking nope now.