Reid Main

I only made one resolution for 2023 so this is will be a quick retrospective.

🙅🏻‍♂️ 1. Move into a new home

I swear to god I really tried. But even with three 25 basis point hikes, bringing interest rates to 5%, housing prices would not fall. I have been looking at every city within a two hour drive of Toronto and there is not a single turnkey home available for less than $1.8 million dollars. I have found homes in Waterdown for $1.5 million with shit amenities and unfinished basements on less than a tenth of an acre. Brand new homes in Burlington on less than a tenth of an acre are going for $2 million. In Toronto if you find a home for $1.7 million odds are it is no longer legally habitable and can only be demolished.

As of December 2023, the monthly cost for a $1 million dollar mortgage in Ontario is $6000 minimum. If a household has a combined yearly income of $140,000 they would be pocketing roughly $6,800 a month after tax. Which means their mortgage and property taxes would effectively eat up everything. According to StatCan there are 1.3 million Ontario households making more than $150,000 a year as of the 2020 census.

So who the fuck is affording these multimillion dollar homes?