this post was submitted on 12 Jul 2023
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Mortgage rates in Canada were running over 15% in 1980 and peaked at near 22% in 1981. Minimum wage was about $3.25 depending on province, about $11.76/hr in today's money. They weren't buying houses. A lot of people were absolutely slammed if they had to renew their previous 11-13% mortgage at 22%.
There's a bunch of other factors involved too. Median house size has doubled since 1970 (1200sq ft to 2600 sq ft), restrictive zoning and forcing contractors to also develop single use subdivisions puts their costs up, and promoted higher margin developments. Also, the feds and provinces have drastically reduced the construction of public housing.
Interesting stats. I just really hope to one day be able to buy a small home with a little garage and a workshop for tinkering. Maybe the sun has set on that opportunity in this country and I'll be crammed into some sort of post apocalyptic japanese pod hotel in a neighborhood that looks like district 9. Federal political parties plz halp.