The standard home in Canada now costs twice as much as in the U.S. A plan to rein in the ‘stunning’ boom is a test for both housing markets
Johnny Chen, 33, received a promotion and sizeable salary bump in March, but it hasn’t helped his six-month search for a single-family home in Vancouver, Canada. Chen, a director of equity sales and trading at an investment bank who falls into Canada’s top income bracket, scrolls through online home listings every day. But the city’s low volume of homes for sale means there’s not much to see. A half-year into his hunt, he’s yet to make an offer on a place. “I’m a bit trigger shy… it’s hard to wrap my head around prices right now. Vancouver’s real estate market is a bit crazy,” Chen says.
Read More: https://fortune.com/2022/04/24/us-housing-market-home-prices-canada-2022-budget/