Why is it So Difficult to Purchase a House in Canada?
Canada has seen a significant surge in housing prices in recent years, making it increasingly difficult for many Canadians to purchase a home. In this blog post, we will explore some of the reasons why buying a house in Canada has become such a challenging task. Skyrocketing housing prices: One of the primary reasons why it is difficult to purchase a house in Canada is the exorbitant prices. Housing prices in many cities, particularly in Vancouver and Toronto, have skyrocketed in recent years. According to the Canadian Real Estate Association (CREA), the average price of a home in Canada rose to $716,828 in March 2021, a 31.6% increase from the same period last year. This surge in prices has made it challenging for first-time homebuyers to get a foothold in the market. Tighter mortgage rules: The Canadian government has implemented tighter mortgage rules in recent years to cool down the housing market. These new rules require borrowers to undergo stress tests to ensure that