Cost of housing in Canada

[Halifax Tar]

You keep that up and we will all move there.

Don't come any closer please.

 

[lenaitch]

Another big misnomer is that "wealthy people are buying up all the homes!" The price wars and rat races actually happen at the lower levels of home ownership. Between the $300,000-$500,000 mark. That's where the big markups and ridiculous overbids happen. Past a certain point, there aren't many people buying those houses and there isn't a huge demand for those houses. In my current market, a house that has a listing price of $400,000 on it will have 20+ bids with an insane mark up and bidding war. Anything over $600,000 will have 1 or 2 bids.

Just as a casual observer, place like the Annapolis Valley, esp. around Annapolis Royal, and the Baddeck area, don't strike me as all that inexpensive. Not Toronto-expensive, but not bargoons. A buddy lived in AR -lovely town and they loved living there, but it was the property taxes that drove them out.

If it's anything like Ontario, once a place has been 'found' by the city folks, like Blue Mountain/Thornbury, Prince Edward County, prices go nuts and everything gets more expensive for the locals.

 

[mariomike]

Just as a casual observer, place like the Annapolis Valley, esp. around Annapolis Royal, and the Baddeck area, don't strike me as all that inexpensive. Not Toronto-expensive, but not bargoons. A buddy lived in AR -lovely town and they loved living there, but it was the property taxes that drove them out.

Just for comparison, the way it looks to me, unless I figured it wrong,

Residential tax rate in AR is $1.76 per $100 of assessed value (plus a fire area tax rate of 0.10%).

In Toronto, the residential tax rate is $0.67 per $100 of your home's assessed value.