Quote:
Originally Posted by Williamoforange
Canada Population in 1972 was ~22 million, Canadas population today is ~38 million. In 1972 ~24% lived in Rural canada, in 2021 ~18%. So in ~50 years canada has increased its pop by 72%, with 6% more living in cities. It took canada until 2008 to match the housing construction of the ~1972-1976
What happened is Canada stopped building to meet demand, and even now to build new housing inside of Urban boundaries one has to contend with established residents fighting for the community character and etc over building more housing.
As for interest rates, the Prime rate was only 6% in 1972 and lower before, the prime is 2.45% today. The period after is when Interest rates skyrocketed.
https://www150.statcan.gc.ca/n1/pub/...0/t098-eng.htm |
Don't underestimate the impact investors are having on housing prices/supply. Roughly 25% of people that bought a house in Ontario in 2021 already own at least one home. I was a first time home buyer recently and my biggest competition was not other first time home buyers. I actually don't think I was ever up against another first time buyer in any of my bids.
Canada also has one of the highest number of vacant homes (1.3 million homes) in the world which is estimated to be about 6 years worth of supply. You can read all about it
here. Obviously not Ottawa specific data but I'm sure it applies here as it does all over major cities in this country.