The issue of housing prices in Canada has been a hot topic for years, and almost always because the prices are rising astronomically. This is especially so in Canada’s major cities, and even more so in the three biggest, Vancouver, Toronto, and Montreal.
It’s hard to keep track sometimes as reports vary. In Toronto for example a story in The Star reported on Dec 5, 2018 that prices rose 3.5 percent to an average for houses and condos to $788,345. A week later another report, this one in the Financial Post on December 13, reported however that Toronto prices had dropped noticeably. And yet, bidding wars are still common.
Whatever the case, there are occasional sales that make some people want to scratch their heads.
Whether prices are increasing or decreasing, the averages in the major cities makes one wonder who can afford houses in the cities when average prices are in the hundreds of thousands of dollars, with service costs (heat-electricity-water), taxes, mortgage, repairs, insurance, along with basic living essentials of food, clothing, car or public transit, etc. added on top, when the average Canadian household income was at just over $70,000 in 2015.