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Comment by dmoy | Hacker News Reader

Hang on isn't Canada's homeownership rate like >>50%? How is it that you can't afford a house if you're in the 1%?

When houses start at over 1 million even the bottom of the 1% can have trouble buying. Houses are going up 24% year over year which is much higher then you can save money. Condo prices prices are not going up as quickly so they don't work as a good stepping stone. Out in the burbs if you want to be near transit will still be 600-800 for something livable, actually there doesn't seem to be a difference in price between a tear down and something you could live in. Might be a bit bias as I was out looking at houses on the weekend.

Move away from all the rich people.

> Houses are going up 24% year over year

That's called a bubble, such a rise is not sustainable.

Look, you're living in a place full of rich people, so you feel poor by comparison, that's expected, so deal with it or move.

If rents are disconnected from housing prices, you're in a housing bubble. I think you're in vancouver too, so move away!

When I bought my house in Toronto 20 years ago it was 3.5 times my annual salary. Now it is valued at more than 7 times my current salary (doing the same type of work).

This is surprisingly difficult: http://www.crackshackormansion.com/

Prices increased around 50-100% since 2008. In 2008, the market was considered by many to be overvalued.

Housing in Canada never stopped going up in price.

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