felecia187 so you want to buy a house in Canada this is going to be good in the 1970's the price of the average house was about one years salary , so you make $ 30,000 in the 1970's a year well this was equal to the price of a house , now the price of a car was equal to one month salary , good times good times , so your parents had it easy if they were good with there money , now lets skip ahead to 2014 bad news and getting worse the average salary is about $ 88,000 a year the average house is about $580,000 so now it is about 6.6 times more to buy a house based on your yearly salary then it was in the 1970's and yes the price of a car has also gone up , you guess it 6.6 times more , there is some good news the interest on buying a house in the 1970's was 28 % omg not kidding , the interest today is about 3 % but if interest rates go up most people will lose there homes because property tax has also gone up , the reason for the increase in the value of real estate so going to surprise you people from other countries are buying Canadian real estate at a huge rate take China the average price of a 500 square foot condo can run into the millions , so why buy a house there when they can come here and buy one for $ 580,000 and bank the rest of the money they saved on buying a house and retire here and that is just what they are doing , and China is not the only one doing this , the people buying our real estate and driving up the market price are from other countries , this is going to continue and the average price of a house in Canada is only going to go up well our salaries stay or go down , they say there is a housing bubble in Canada i don't see it , enjoy
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