Why Does it Feel Impossible to Buy a Home?

The cost of buying a home in Canada today truly isn’t fair for young people. Obviously, Ron Butler’s (‪@angrymortgage‬) suggested down payment gift is exaggerated for certain parts of Canada, but his point is well taken.

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 I said, this stuff’s crazy. I mean, this doesn’t make any sense that I would have a chance to buy a house in a relatively easy way. You had a chance to buy a house in what’s I mean, we all thought it was hard as hell, but looking back at it, it was pretty damn simple. Um, why is it now almost impossible? Like, how did that happen? How did the most basic functionality of a country, the size of Canada, like the size of this country. Somehow we ran out of land in Ontario.

Uh, that’s magical. And, uh, the prices had to go through the roof. Like, and to a point where if you were the, look, I always try to make it simple. If you were the meat manager at Loblaws and your wife was a nurse practitioner, you could, you could definitely buy a house that you would absolutely be able to buy a house and even though it was just a struggle to get started, you could do it. It is absolutely, totally impossible unless your parents give you 300 grand today. That is totally impossible in Southern Ontario. And the wrongness of that.

No, I couldn’t agree with you more. And it’s interesting, by the way, how many people are age haven’t clicked to this yet. They will come back and say, Oh, it’s no more difficult now than it was when we were young and interest rates were higher than you try to show them the basic math. It takes a bigger percentage of your income now to enter the housing market than it ever has. And again, it pinches all other things.