Why it might be several years before homes are more affordable in Canada (www.bnnbloomberg.ca)

submitted 2 years ago by sik0fewl@kbin.social to c/canada@lemmy.ca

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It may be several years yet before home prices fall back into an affordable range for the average Canadian, according to Oxford Economics.

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[-] twistedtxb@lemmy.ca -2 points 2 years ago

The math is very simple:

There are more people wanting to buy a house than the number of houses available

[-] Dewbs84@beehaw.org 5 points 2 years ago

Are you talking about Canada explicitly? Cause according to this article there’s about 28 vacant homes per every by homeless person (but this is for the US):

https://unitedwaynca.org/blog/vacant-homes-vs-homelessness-by-city/

[-] LostWon@lemmy.ca 6 points 2 years ago* (last edited 2 years ago)

It's similar for Canada.

Quote from 1st link below:

Even more disturbing are the figures comparing vacant homes to the homeless population of a given country. While Canada ranks lower on this list at 13, it is still not a ranking that we should be proud of at all. It would take just 9% of the over 1.3 million vacant homes in Canada to give every homeless person in the country a place to live.

https://betterdwelling.com/new-data-shows-canada-still-has-1-3-million-vacant-homes-some-improvements-seen/

Also of possible interest, a comparison of some major Canadian and US cities:

https://homefreesociology.com/2022/02/15/unoccupied-canada/