Quote:
Originally Posted by jigglysquishy
QoL is hyper regional. In Manitoba and Saskatchewan, you can make mistake after mistake and still end up a homeowner by 30. I know people with downpayments of $10k. Hell, I had a buddy buy a decent quality condo for $120k. Disposable income is high.
We have houses in the hood for under $50,000.
In Southern Ontario and BC, you can make smart choice after smart choice, work hard and have family help, and still be far from being a homeowner at 35. If you buy, disposable income is low.
Maritimes, Alberta; and Quebec is in between.
I don't think people from Toronto/Vancouver understand how cheap housing is here and how it completely changes your life. There's no saving for a downpayment for years. There's no 1 hour commute. Vacations for median income earners are plentiful. Retirement at 55 is doable. Retirement by 60 is very common.
It's basically two different worlds.
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It is very regional, but keep in mind that Ontario + BC alone account for half of the Canadian population. Add in other increasingly high-cost markets like Montreal, Halifax, and Calgary, and you have a large majority of Canadians living in places that are being acutely impacted by the housing crisis. What used to just be a Vancouver & Toronto problem has become a much wider one.
And even in the cheaper markets affordability is rapidly deteriorating, as housing/rental price appreciation continues to outpace wage growth.