Since when could they do that before? I bought my first house in the early 80s with a low skill job but the definition of “house” has changed. Most people would not consider a square 1940’s 600 sq ft shack with asbestos siding and single pane windows on the wrong side of the tracks worthy of a house they’d want to own, but we did.
Actually it got torn down to make way for a Shoppers Drug Mart.
But you got me curious so I went back to my home town and searched for a similar house in the same area. Found one similar to it but about 15 years newer and bigger listed for 159k so Id say mine if it was still standing would be about 145k. We sold for 33k so its gone up 4.4 times in value in 40 years. But then again the Canadian dollar has gone up 3.7 times in value due to inflation in the same time period.
So, yes houses cost more than they did, but not MUCH more in that town in particular.
My parents bought their house, brand new, on paper, in a suburban part of Montreal for 60k which was about the same amount as their yearly gross pay combined working as financial advisors in a local financial institution.
The same house today actually costs between 450-500k. The pay for that same position? 40k/person for the same amount of experience they had back then. That would make it about 80k/year. So the same house costs nearly 6 times the combined wages for that same position. SIX TIMES! And it’s not even is a nice place. It’s far from everything, has little public transportation options, and is surrounded by oil refineries.
I don’t know what small town you bought your house in, but it doesn’t reflect the reality that the vast majority of Canadians face.
Since when could they do that before? I bought my first house in the early 80s with a low skill job but the definition of “house” has changed. Most people would not consider a square 1940’s 600 sq ft shack with asbestos siding and single pane windows on the wrong side of the tracks worthy of a house they’d want to own, but we did.
At least you had one. It’s probably worth half a mil today and out of most people’s reach.
Actually it got torn down to make way for a Shoppers Drug Mart.
But you got me curious so I went back to my home town and searched for a similar house in the same area. Found one similar to it but about 15 years newer and bigger listed for 159k so Id say mine if it was still standing would be about 145k. We sold for 33k so its gone up 4.4 times in value in 40 years. But then again the Canadian dollar has gone up 3.7 times in value due to inflation in the same time period.
So, yes houses cost more than they did, but not MUCH more in that town in particular.
Anywhere else, homes DO cost more. WAY more.
My parents bought their house, brand new, on paper, in a suburban part of Montreal for 60k which was about the same amount as their yearly gross pay combined working as financial advisors in a local financial institution.
The same house today actually costs between 450-500k. The pay for that same position? 40k/person for the same amount of experience they had back then. That would make it about 80k/year. So the same house costs nearly 6 times the combined wages for that same position. SIX TIMES! And it’s not even is a nice place. It’s far from everything, has little public transportation options, and is surrounded by oil refineries.
I don’t know what small town you bought your house in, but it doesn’t reflect the reality that the vast majority of Canadians face.