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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Tuesday, May 24, 2022

The middle class is now locked out of 69% of housing markets

Have a median income of $100,000? Expect to live in remote cities and rural towns.

The typical Canadian household won’t be able to afford 69% of the country’s housing markets, according to Better Dwelling’s look into the CREA House Price Index (HPI).

That means households with median annual incomes of $100,000 must turn to the remaining 31% of markets whose value is below $497,900 – and that’s assuming they already have a 20% down payment on hand. The median income is based on an estimate from dual-income households with skilled labourers that would make an average of $108,000 in total income.

What is left then are remote cities and rural towns – a far cry from the Canadian dream of affordable housing everywhere. According to Better Dwelling, these are the few markets a typical household can still manage to afford below $497,900 based on April data:

  1. Sudbury - $481,700
  2. North Bay - $461,300
  3. Nova Scotia - $414,100
  4. Edmonton - $371,600
  5. Winnipeg - $351,100
  6. Moncton - $344,200
  7. Saskatoon - $338,500
  8. Prince Edward Island - $335,700
  9. Quebec - $333,400
  10. Newfoundland - $327,700
  11. New Brunswick - $313,700
  12. Sault Ste Marie - $312,500
  13. St Johns NL - $296,200
  14. Saskatchewan - $295,00
  15. Frederiction - $292,300
  16. Saint John NB - $287,600
  17. Regina - $271,100

Meanwhile, it is best to steer clear of Oakville - Milt ($1,608,900), Lower Mainland ($1,403,700), Fraser Valley ($1,384,000), Vancouver ($1,374,500) and Toronto ($1,354,000). Households would need a minimum annual income of $267,000 and $263,300 to afford a home in the overvalued cities of Greater Vancouver and Greater Toronto.

Even Calgary is now off the list thanks to a record-breaking 3,401 home sales registered in April amid a steady decline in available inventory, according to the Calgary Real Estate Board (CREB). This has pushed Calgary’s average home price up to $526,700 in March.

MBN

We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market. 

Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome and rewarded!

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