Hello everyone! The answer from the Canada Mortgage and Housing Corporation (CMHC) is an average of 4.2 years. As usual, the problem with the "average temperature in the hospital" is that it can vary greatly. In metropolitan areas like Toronto and Vancouver, the accumulation period will be around ten years, assuming an income of $100,000 per year, with 10% set aside at a "conservative rate of return." In this calculation, neither inflation, unforeseen expenses, nor even taxes are taken into account, so even ten years "from scratch" may not be enough.
Alright, let’s consider a four-year average interval. The question is, what will happen to prices during this time?
According to the Canadian Real Estate Association (CREA), the average 12-month price growth for housing in Canada is 5.75%. So, if we take the average price of a Canadian home at $698,530 and increase it by 5.75% per year, that results in a growth of $185,000 in just 4.2 years.
Are there ways, aside from playing the lottery or inheriting, to enter the Canadian real estate market today? Of course. First and foremost, it’s essential to have knowledgeable, professional, and comprehensive consultations with real estate financing experts – and this is part of my mandatory work with clients. You can lower the "entry threshold" by starting with the purchase of entry-level property that you can actually afford.
❗Years of experience and market development show that self-calculations with a calculator often overlook many nuances, which means real opportunities as well.
Let me put it simply: if your goal is to own property, it is achievable.
If you have questions and need advice regarding buying or selling real estate, please contact me. I would be happy to help new families in Montreal with this important matter.
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Denis (514) 577-0787
Denis Kornienko, Real Estate Broker REMAX
