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Exactly the same here, we were renting up until 2018 at 900$CAD/month. Our mortgage is 950$CAD/month and our old apartment is now 1200$CAD/month. All expenses included, it’s s more expensive to rent than to own.
First time buyers can’t hardly get a mortgage now unless you were stashing cash or staying at your parents’ for a while.
Apparently people didn’t get the notice. Mortgage interest rates are still >5% for anyone renewing now. Three new houses are being built right now in the street behind mine.
Weird how our neighbourhood didn’t see any new buildings from 2016-2022 but now it rains, it pours.