1M is the new 50K

They are not houses. They are called Investment Properties. Canada made it so their citizens are prohibited from owning homes, but instead sold to foreign investors.

1 million is still wildly unaffordable for most people. Houses need to be under 200k for a large portion of the country. There's barely anything at all in nova scotia for under 200k.

For $1million in TO or VAN, you are just paying for the land, if it had any sort of livable house, it would be $2 million+

And People wonder why there's no workers around the area only getting paid $20 to 30 an hour while it's impossible to live around the area with the wage.

For years people were over bidding on houses. That is the major reason prices went up. The value of my house went up 80% in 3 years. That is because people were bidding 100 000 over asking price year after year. And now those same people who over paid are complaining about 5% interest rates. Looking back 30 years...5 and 6 % is pretty normal.

For 1 000 000$ CAD, I expect a modern mansion, not an old and ugly haunted house.

We need to stop shipping in all the new people. Sorry, not sorry. We are full.

Only a million for a crackhouse in Vancouver? That’s a deal!

How bout No! I wouldn't buy a place in Toronto if it's in bad shape. Wonder why ppl are leaving. Affordability, comfortability is important. Once upon a time Canada was the place to live.

Why is the Auditor General not reviewing the entire real estate industry when the degree of fraud and speculation has been known for years now? They don’t want to solve this crisis because they are benefiting. Canadas House of Landlords and RE Agents.

The price will never go down. The richest people in control of housing prices have major investments in properties. Probably won’t go down until they get old enough to retire to sell. If it even goes down then, because it’s always a cycle

Wow a whopping $1,400 decrease in homes that are already $300,000 to $400,000 overpriced.

My dad bought his home in 1964 for $16,000. In today's money it's $164,000. Good luck finding a home at that price.

What happens when people in government are landlords

In other words, you need to be a millionaire at MINIMUM to even consider having the standard of life of a completely basic, ordinary 2-child family. Things are great, never been better! I’m so happy all levels of our government have used the real estate market as an investment strategy instead of a basic living commodity that every working class citizen deserves. We’ll squabble about which level of government is responsible and the owning class will continue to accelerate their wealth!

Trudeau and the liberals that voted for him-seek therapy

this isn't new. What is new is million dollar homes in the small towns and suburbs and million dollar normal cottages

Toronto is for the rich folks. There’s other affordable places in Ontario or Canada.

Well, my house was paid for 10 years ago, now I’m selling, building a New retirement home, with an attached Coach House on 3 acres, to live in for the rest of my retirement. Told my son to sell his 5 bedroom home in Chilliwack, and we will pool my cash and his equity, and Pay off 75% of the Mortgage on the new house on 3 acres. I told him why would he wait till I die to get his inheritance, he has 2 children, which costs money for babysitting, my wife and I can do the babysitting, and they both work for the same company in Chilliwack. It’s a winning situation all around all round.

We need a Canadian and heck global economic and social justice movement to decommodify basic living necessities like housing, food and water.

VOTE CONSERVATIVE, it means being able to live a normal life

The housing crisis in both the States and Canada, has given the opportunity for a lot of really good renovation and house flipping shows.🙄

Lower the prices of housing and rent! It’s absolutely ridiculous, people are barely getting by and struggling to keep a roof over their heads, people in their thirties can’t afford to move out because of the cost of living 😡

Like before , it will all come crashing down, it’s not sustainable.

"$1m home dropped all over the country...." the drop $1.4k

And the majority of incoming people flock to the largest cities, where housing is unaffordable.

the UK housing market is better than Canada. the jobs are available across the UK and many cities are serving as hubs.. life doesn't depend around London

There's no room at the inn, but the manager insists on leaving the "Vacancy" sign lit up and the front door open.

The federal and provincial governments keep volleying this issue back and forth between aid and poverty, landlords and tenants, sellers, and buyers. Trudeau does not seem to understand that the old ways of doing things are not working. We need this housing crisis addressed beyond long-range bandaid solutions. It is affecting other sectors, such as reacting to mental health implications in a collapsed health care structure, utilizing more funding in treatment, and judicial systems because our leaders can not seem to be proactive. The time has come to take the funding out of expensive heavy management positions and get real dollars to the frontline of our society. The class divides are closing. Middle class can no longer afford simple shelter. Our government needs to bring solutions to the table or step aside.

Thank you, Justine.

Justin T is father of home crisis

$1M for a small house? That’s crazy

Yeah and so within a few years Edmonton will be as ridiculously expensive as Vancouver & Toronto. No thanks. I keep repeating and will repeat ad nauseam until people start listening: Canada does NOT have a "housing shortage". OECD in 2021 estimated Canada has 1.3 MILLION vacant homes. They're deliberately kept 'off the market' to artificially limit supply, keep values higher for whatever is left "available", and in most cases can also be used as a tax-write-off after "claiming losses". It's why the feds brought in the "Underused Housing Tax" - but which ridiculously only applies to non-resident foreign owners, while ignoring that vastly more properties are hoarded and "land banked" by domestic owners. Both Vancouver (3% "Empty Homes Tax") & Toronto (1% "Vacant Home Tax") have brought in their own. BC has brought in a provincial "Speculation and vacancy tax" that applies to around 47 cities/districts (.5% for Canadians/PR who are not "untaxed worldwide earners" and 2% for foreigners and "untaxed worldwide earners"). So we do not have a "housing shortage". What we have is an AFFORDABLE housing shortage, and an AVAILABLE housing shortage, which are not the same thing. The false narrative that all we need is "more new housing" conveniently supports a scenario where developers - speculators & "investors" - can continue building recklessly, regardless of whether or not any of the new builds are AFFORDABLE either. Developers will happily build to the moon, until we are as bad as China, which now has an estimated 1.4 BILLION vacant properties... and still NOT affordable!! What we NEED is a federal UHT/EHT/VHT that applies everywhere in Canada, to every type of owner (and sure, allowing for reasonable exemptions/exceptions that cannot be loopholed). Better yet, LIMIT buyers of residential property to first-time homebuyers & primary-dwellers, and BAN any kind of non-dweller "investment" in residential property. Housing is a Human Right under Article 25 of the 1948 Universal Declaration of Human Rights and under Article 11.1 of the 1966 International Covenant on Economic, Social and Cultural Rights (ICESCR), NOT an "investment vehicle" to enrich others. "Investors" a.k.a. land-hoarders can find something else to "invest" in. Read the book "Sick City" (2021) by UBC Prof & Urban Designer Patrick Condon. For years he insisted we need only "build more housing" to restore housing affordability, but he now admits he was wrong. Search "download Sick City free PDF Patrick Condon" to get the link to download a free copy (the site is "justicelandandthecity").

The global financial crisis that began in 2007 dragged much of the world economy into recession, and Canada was not spared. Although the effects on Canada were milder than on the United States and in Europe, the Canadian recession of 2008-09 was still severe enough to generate sharp declines in output and employment and to require significant responses by Canadian policy-makers. Guess what, it’s coming again, a little different, but when your Mortgage Payments exceeds 30% of your income, individuals will not stand the stress, inflation on food and fuel, is not going to help. I guess people don’t remember 15% to 18% mortgage rates, luckily at the time I had locked in at 6.25%. 10 years ago I built my own Retirement Home in the Okanagan, cut out the developer and the Realtor, saved a fortune, and paid off the Mortgage in 8 years. Building your own home is not difficult, ( as an Engineer it’s not) cutting 65% out of the equation that saves the money,. Developers and Realtors is where you loose. Cut them out and and you save a fortune.

In some places in the US, you can buy a prefab home with 3 bedrooms and 1 bathroom for like 70k USD!

12 years ago my house was $500-$600K now it’s $700-800K since 2022. Which isn’t double since Trudeau has been PM but an extra $100-200K since then. Houses have gone up an extra &100-200K or more since Trudeau’s 3rd term if comparing from Harper’s 3rd term in 2011-15. Housing has gone up a lot since the end of Doug Ford’s 1st term and first 1/2 of his 2nd term as Ontario’s premier. Petro went up more than $0.80 cents from 2020 to 2022. Thr carbon tax and fuel tax were invoked in 2019. Cap & Trade was proposed in 2018 but was scrapped by the Foed caucus. 4 years later on climate change and environmental activists took Doug Foed faucus to court for scrapping an imparstive policy. In 2022-23 the liberals invoked Cap & Trade over the conservatives ignoring it. Groceries went up significantly from 2020 to 2022 and 2023 as well as rent and utilities. Our health care system went downhill since the pandemic to just recently. Tent cities from the homeless and drugs had increased also in the last 3-4 years. Student debt is still an issue for those that went to school. We pay too much in taxes and are giving away way too much money to Ukraine. We had the worst wildfires in 2023. We have population and immigration problems thst several people are just leaving Canada for good. We are becoming a third world country. People on government funds and minimum wage are facing lines closer to the poverty line. We are seeing more people going to food banks than Grest Lockdown for the COVID Emergency. People might be making more money than 20-30 years ago yet houses having gone up more than $500K from approximately 25 years. Cars also have infreased in the last 20-25 on top of petro, insurance, tires, and extra fees. His tickets have gone up more since the last 15-25 years as well as taxis minus ubers(as Ubers are still new as being popularized in the last 10-5 years in 2024). Plane tickets have gone up as petro prices went up in 2022-23. A plane fight across Canada costs more than a plane to London England or anywhere in Europe. Canada has been in financial crisis called the Cost of Lovkng Frosis since 2022-24. And politicians aren’t really helping to fix it. We are having a PM thst lies that he is not spending money on vacations with tax dollars, having him break the charter of rights against the freedumb peotesters, and hasn’t kept his promises nor any of the conservative premiers.

Cities have always been more expensive. Why do we need 3 bedroom homes wih 2300 square feet. We should be building smaller homes that people can buy and afford taxes and utilities on. In my mind 2300 square is ridiculous especially as a first home. Its all greed a greed based issue in my opinion. Governments, builders, and buyers. We are now seeing the results.

We don’t have a housing crisis. We have an affordability crisis.

Only problem is that Edmonton has miserable weather

They're moving to Alberta. Yeah, and then it's just a matter of time before they too become expensive.

A low interest rateholic wakes up in jail. He asks the first police officer he sees, "Why am I here?" "For house flipping, mortgage fraud, BRRRRRRRRR and money laundering" replies the officer. "Great," says the man, "when do we start?"

What a joke

RE agents have been making a killing on high RE prices. The commission they make should have been adjusted. Why should anybody make $30-100k for selling a house in a hot market.

Why is Atlantic Canada never mentioned? What does 1M home look like in Halifax? Sorry but guys look both ways before reporting.

No, stop. That any of those houses cost a million doesn't make sense. I have to cover my face when I see us trusting realtors to navigate us through this issue on tv, when we know they have only one modus operandi, and bringing revenue from home sales *down* is *not* on the list. Edit: Even if she isnt malicious, how they havnet sunken to the reputation of car salesmen and MLM hustlers, I think, signals how many hope to still get rich off Monopoly in our country 🤦‍♂️

blah blah blah 1 million for a shack...that is the least of your problems What about taxes ????? I pay 700$ municipal and school taxes per month on my home that cost 700k in Montreal WTH will people get money to pay Mortgages, Cost of having a home, Taxes.....its like working to pay only for shelter

The real score now REAL ESTATE BROKER & MIDDLE MAN are taking ADVANTAGE and not the interest rate because they raised & bidding the price of the house !😢😢😢😢😢

Nobody talks about Victoria BC. It's insane!

Hkuses in Edmonton cost les than houses in Toronto or Vancouver is not news. It's been this way for decades.

The median wage in these 2 cities is around 60K from what I know .. but still see multiple offers , bidding wars in the news so there's something missing from reality ? Sold my place during the covid peak and now live in a mostly tax free jurisdiction outside Canada !

Dont forget ...themore its worth the more property tax u pay If prices were to collapse do u think property taxes will also.if u said yes ur wrong they are killing sales with taxes same as with prices

For that piece of garbage it’s just not a hell yes for me….

Nicely thoughtful Ford and Trudeau congratulations 🎉 on your new housing project construction in Canada 🇨🇦 woot woot

1000 a month is $12000 a year a unit , I guess you don’t understand math, if you don’t cover mortgage rent and insurance you will lose to the bank, just because you have property doesn’t mean your rich

I don’t think you can actually buy a detached house in Vancouver with 1 mil however old and small shack it is. Land price is beyond comprehension. Near hot spots for young people’s area, 1 mil cannot even afford decent 1bedroom condominium.

Hey Tradesmen in Van and GTA, start charging $1,000 an hour for your services as a minimum rate.

Edmonton/Calgary is starting to get more expensive. That million dollar house used to be 500k before diversity, equity, and inclusion.

You can't get blood form a stone. There is insufficient remaining GDP left to service the existing Real Estate/Consumer based DEBT instrument obligations... let be 'expand' those DEBT instruments further in facilitation of resurgent Real Estate based growth. A barely $2 Trillion Canadian economy/GDP metric completely devoid of productivity growth.... that has been no more than 'maintaining' yearly GDP for over 10+ years by rapid and massive DEBT instrument expansion to a now massive ~$3 Trillion Mortgage/Consumer DEBT.... has now reached the 'tipping point' of future capacity deficit ... that ~$3 Trillion "DEBT" having being no more than borrowing from future capacity... where further DEBT expansion at this juncture would very strictly be pulled from future 'currency' valuations(debasement based inflation). A very severe and painful deleveraging cycle is imminent... and can NOT be avoided by Monetary Policy accommodation. Rates are NOT headed significantly lower in the immediate/if at all.... and most certainly NO relaxation can/will be front loaded until a definitive demand destruction/deleveraging/recession cycle is well entrenched. Good Luck with whatever you see otherwise.... Best Wishes and carry on

I think when minimum wage was allowed to drop below the minimum required for a full-time worker to buy their own land we should have all stopped paying taxes and went back to a more civilized society

i live in a small town in country side ontario my wife and I make 130k combined got a 500k approval and can't find a home.

Bank reform corruption $ and homeowners / voters aren’t blameless. Canada needs new leadership not conservative economics $

yeah but no one wants to live in Edmonton

Home shortages, just like gas shortages bring the price up. And yet we build less houses now then in the 1970s. Why? to many rules and not enough people getting into the trades. We need less useless office workers/ finger ponters and more blue-collar workers. But when being paid a blue-collar salary that doesn't allow you to afford a family and house. That becomes problematic. But thank God we have all these people behind the keyboard. We must lower office salaries and allow blue-collar workers to make the money. I mean they have the top 10 most important job in the world. Unless you like living outside with your family. And not to mention how important is a house to be safe to live in. The safty of you children depend on that. But they don't depend on the inflated office work going on today. Not to mention the over paid CEOs out there. Which is super gross. Who wants to live in Edmonton. But its a Great example of demand not many do so prices are cheaper. I didn't need to be a white colar to figure that one out.

Buy the property set up a robotic self serving new tech burger fries grill all glass front to see it work all gold plated and you got 10x your millions of dollars in 10 years.

I am Canadian fresh graduate have student loan lots of family responsibilities how can I afford a home Mr. Trudeau and every jib wants experience can you please answer?

Thanks for explaining it like I’m a 5 year old…. What kind of reporting is this?

Let's cover a couple things... -stock market isn't people's goto anymore, crypto and property are the hot items these days to people fortunate enough to invest. -the more investors in the market, the higher prices get due to demand -the more properties a investor owns, the more capable they are to keep buying more and maintain their portfolio as one rented property can cover another's, especially with the amount they're charging for rent -this in turn completely prices out the average family or person, and is completely different from anything previous generations have experienced on this subject. -The cost of a house has trippled if not more over the last decade, and the cost of everything else has doubled, with the value of our dollar sitting where it was since the crash in 2014/15 and has never recovered. - and the icing on the cake? The liberals have doubled and plan to keep doubling the amount of immigrants year by year yet never once thought about the work needed for housing and infrastructure. Majority of the people coming to Canada want to live in our major cities like the GTA or Vancouver, this country is so big yet we're packing people like sardines instead of expanding other areas.

This is pure trash. In the United States you can buy a real house with 5 bedrooms and 2 bathrooms built after 2000 for like 300k USD.

Bro for a million dollars I’d get a mansion in my home country.

Poilievre accomplished nothing as minister responsible for housing. That's why you NEVER see him touting his accomplishments in housing - he has none. The ACTUAL facts: House prices nearly doubled under the Conservative Harper - during which time Poilievre was a minister responsible for housing. They are NOT doubled under Trudeau. Canadian average house price 2006 - $250,000 (Conservatives take office) 2016 - $455,000 (Conservatives leave office) 2023 - $646,134 (today) _______________________________

Im considering moving back in with my family to escape this madness.

Well in next 5 years the prices here will become stagnant. The ones who will move to new places will be rewarded as their prices will rise. The prices are rising due to Artificial scarcity made by the governments all over the world. Infact now if you invest the returns in these properties may not fetch you fortune. They will rise but not at this rate.

This is such a terrible example of journalism! Global you just proved your more about headlines and click bait than accurate reporting. I just googled properties for sale in the same area in Toronto and their are many beautiful homes for sale for 1,000,000. Not one listing was of what your reported here! As Faux-King these are investment properties and has nothing to do with homes for sale for the average homeowner.

Tear it down, add a Canadian tire shed and you flip it for 2 millions 🤝

just build a tent and sleep in there or sleep on your car

National average means nothing. Its all about location.

The dream homes that cost millions here are affordable in my home country in Africa. ..we build our dream homes in less than million😊

We need to bring in more government subsidized refugees to drive rent and house prices up even more.

Are you seeing the devaluation, the inflation and the recession in Canada?

Can get buy a castle in scotland lesser then buying a house in Canada. The once Canadian dream is now " The Canadian nightmare"

oh my how life has changed

Yes the government can set the market

Im not gonna be able to eat when im older

The solution is simple - build new homes en masse. Why it’s not happening? Because someone doesn’t want it to happen.

It's almost grimly amusing to watch expensive, mid hockey game, commercials from kevin falcon and bc united 😂😂😂 He seems to have adopted the modus operandi of a certain highly paid demagogue from Ontario 👍 Was the jade monkey in the glove compartment?

Americans: "I'm moving to canada" 🤓

Edmonton is full, stay away please.

Big money baby!!!

There is a good reason why AB is cheaper...as a person who left Vancouver for Calgary and returned...mark my words.

Thank you Trudeau, thank you Socialist Coalition.

But then you got to leave there 🤮

Sholy hit!

If u have enough money to buy a house, just move out of Canada everything is expensive.

yikes!

Why even try anymore?

Everything you can think of is worse under Justin trudeau

Immigration at work

imagine if we could merge into the US😅

Better than SFO imo