House hunters who are tired of bidding wars, prices way over asking, and a lack of proper home inspections are hoping this federal election will tame the country’s real estate market
According to data released by The Canadian Real Estate Association, as of July 2021, Canada has an average home price of $663,503, up from $585,609 in 2020. In Ontario, the average is over $834,932 this year, compared to around $725,403 in 2020.
This issue has affected the younger population who hope to buy their first home but are struggling.
Maria Rangel, a 34-year-old professional who purchased her first home this past July, said finding a house was a “stressful process” because of the pandemic and because she felt realtors she worked with were using a strategy to mislead future home buyers with unrealistic lower asking prices.
During these unstable times for the housing market, many buyers have opted to risk not putting extra conditions on offers, like home inspections, so they won’t lose their bid to another potential buyer.
Renzo Gomez faced a similar situation when buying his second house.
Renzo, a 43-year-old professional, made the decision to purchase a new home in Milton to raise his young family. After buying his first condo in Toronto back in 2014, he was surprised at how the process had become “wild” these past years.
He believes for first-time buyers “it’s not impossible but is very difficult” to purchase a house in this market, especially in comparison to seven years ago when his family was able to afford a condo with only one income.
Both Renzo and Maria are optimistic this federal election will bring more opportunities for first-time buyers to get homes.
For Maria, she believes the Liberal and Conservative parties have good plans for the housing crisis. She believes if either one wins, they will offer a stable and similar solution to this matter.
But Renzo is more skeptical. He’s not confident any of the major parties will bring change.
The election will take place on September 20.