Homebuying affordability is “unlikely to improve meaningfully” over the next two years, according to a new report from Desjardins.
Over the last 25 years, home prices in Canada have ballooned four times while disposable income has only slightly more than doubled, stated the May 14 report.
Desjardins said the dream of home ownership is being chased further and further away for an average Canadian due to the widening affordability gap.
Due to high rent inflation between 2022 and 2024, it now takes about six years for the average Canadian household to save a 20 per cent down payment, with longer timelines for British Columbians, at 7.5 years.
The average Canadian disposable household income is approximately $114,000 after taxes. Meanwhile,
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