I CALL BS! After reading a headline from the financial post I just had to respond. Housing in smaller cities and towns is more afforable than ever!
Housing prices in central Vancouver Island have been stable or declining for 4 years. Interest rates are stable and at their lowest ever. A recent variable rate of 1.99% actually set a new low and there no rate increases on the horizon according to the banks.
The average cost of a 3 bedroom single family home hovers around $325,000.00 with brand new 3 bedroom strata and duplex units coming in at around $259,000.00.
Depending on the interest rate, even with only 10% down the 3 bedroom home comes in at between $1,480.00 and $1,650.00 per month. Of course their are taxes and other costs on top of that but it is still well within the reach of a 2 income family.
I know it sells papers but all the BS and hype in the press just keeps the fear and confusion rolling.

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