Rob Carrick says he and his wife bought their house without much financial stress. He hopes this look back will spark some consideration of what young people today are up against in the housing market
I remember exactly what I told my wife after the offer we made on our first house was accepted in 1992.
This look back is brought to you in the hope that it sparks some consideration of what young people today are up against in the housing market. Whatever we’ve done as a country to fix this problem, it isn’t enough. Young adults are furious, frustrated, angry and resigned about getting locked out of Canada's housing market
The Toronto market has been in a slump in the past 12 months, so there is some similarity to our situation as buyers. But overall affordability is shockingly bad. The average home price in Toronto last month was $1.1-million, or 8.5 times the $130,000 our 1992 salaries would be worth today if adjusted for inflation.
I’d estimate our mortgage payments at roughly $1,300 back in 1992, which was a handful but manageable. To create some extra breathing room, I eliminated one of our car payments by selling my newish vehicle and replacing it with a used replacement paid for in cash.
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