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The cost of home ownership has soared in Canada, with the average home price up 32 per cent from a year ago. Photo by Dillon Kydd / Unsplash When faced with something stressful or frightening, the human body tends to react with the “fight-or-flight response.” COVID-19 has produced any number of threats, but for millions of Canadians, that physiological reaction is being triggered by a more unusual source of late: home ownership. Our national obsession with buying, owning and renovating our homes has become an existential threat to the futures of millions of young Canadians. As prices continue to soar out of reach, those who want to buy are being forced to take on ever-larger debts, and sacrifice ever-increasing portions of their paycheques and budgets, to make the housing math work. And that math is diverting time and money away from other parts of their lives and other aspects of their futures. ....
May 13, 2021 | Fun Money Garth Turner A best-selling Canadian author of 14 books on economic trends, real estate, the financial crisis, personal finance strategies, taxation and politics. Nationally-known speaker and lecturer on macroeconomics, the housing market and investment techniques. He is a licensed Investment Advisor with a fee-based, no-commission Toronto-based practice serving clients across Canada. Matt’s easy to hate. A wealthy, uppity Millennial. But he comes here daily, which is refreshing. If you can’t be poor, at least be humble. “Love the blog, it’s fantastic,” he says, in an acceptable MSU. “The advice has kept me out of the housing market, invested, and as I turn 30 this year I feel comfortable with my life. It’s also led my fiancée into a change of thinking, believing now that renting and having money for fun is better than being tied to a house. ....
Canadians are so alarmed by the red-hot housing market that many say they’d like to see the central bank raise the cost of borrowing to dampen demand for real… ....
Article content Canadians are so alarmed by the red-hot housing market that many say they’d like to see the central bank raise the cost of borrowing to dampen demand for real estate and stabilize prices. About 70 per cent of Canadians responding to a new Nanos Research poll conducted for Bloomberg News said the sharp increase in home prices was a major problem for the economy. Almost half were at least somewhat in favour of the Bank of Canada raising its overnight rate to slow the rise, even though such a move would also increase the cost of credit lines, credit cards and other debt. ....