About 75% of Canadians are currently living in homes they can afford, the Conference Board said, adding a further 5% have their housing costs subsidized by the government. That leaves 20% of Canadians struggling to keep up with the cost of their homes. The Calgary Sun
20% of Canadians are fighting to afford their homes
Are you eating McD’s because you can’t afford your home? Well, this report is on your side…
March 30, 2010
Sometimes it’s hard to conceptualize housing affordability. There are all these indexes, real estate boards, and banks coming out with different statistical methods to tell you whether or not you can afford your home. Here’s something we can all understand.
And what toll is that taking on them? Their health and, incidentally, productivity are both suffering! We’re cutting out important things like eating nutritious food and access to recreational activity (i.e. gym memberships).
The report found that developers are too focused on serving members of the high income bracket leaving many Canadians out in the cold. Maybe THAT’S why Daniel’s Firsthome Destination Drive sold out so quickly! Read more about that here.
So get on it developers! If people can’t afford their homes at THESE rates, what are they going to do when rates go up?