Housing prices in major Canadian cities have skyrocketed in recent years. First-time home buyers have found it increasingly challenging to get a foothold on the property ladder.
Sold house prices in Toronto have climbed to an incredible $1.3 million. An alternative used to be for first-time buyers to purchase a smaller, less expensive property type, such as an apartment. But now even that option is increasingly out of reach for most. Condos for sale in downtown Toronto now go for over $600,000 and in some popular neighbourhoods, like Liberty Village condos for sale, units are going for over $700,000. The situation is similar in the Vancouver market.