Yes, the Canadian real estate market is hot; in fact, the current housing mania has driven affordability to its worst level in 31 years.
Ownership costs to household income climbed 0.9 percentage points in Canada already this year to 52%. That means the average buyer must now spend 52% of their income to cover the costs of a typical home in Canada – this highest it’s been since 1990.
This problem is no longer limited to the 2 notoriously pricey markets – Metro Vancouver & Greater Toronto. Buyers are now flocking to smaller cities and towns narrowing the price advantage over larger centers.
The good news – There are still pockets in Canada where housing remains relatively affordable. Where you only have to spend 23.4% of your income to cover your housing costs. Almost ½ the country’s average. And those are the markets that are working the best for our Joint Venture Partners today.
At Bijoux Investment Group we build active & passive real estate investment portfolios with fast, high & stable returns for our Joint Venture Real Estate Investor Partners to achieve their financial freedom. Contact us for a private consultation if you are looking for a better rate of return on your real estate investment.