That’s the highest it’s been since the 1980s, whenever mortgage rate are really to the double digits
Though you’ll find government bonuses for first-time homes buyers-the home buyers’ income tax credit ($5,000), and the homebuyers’ program (withdrawing around $35,000 from your own RRSP tax-free)-housing grew to become about unattainable for the middle-class in recent years. In 2021, Canadians invested 52 % of the gross income on the cost of housing, up from 45 % in 2016, with all the average getting deeper in large urban centers like Toronto and Vancouver. Read more