The housing market isn’t out of reach to average buyers because of regulation and interest rates, it’s inaccessible because the prices have exploded out of all proportion to income and value. Anyone leaping in to a 600K tear down in Vancouver is playing a very dangerous poker game. We’re the largest country in the world, our land values shouldn’t be any where near Hong Kong or Monaco, yet for some distorted reason they are. Unfortunately, most Canadians don’t have a comparable income.
Housing prices simply have to stop rising, its a simple financial fact. The entire market is a giant Ponzi scheme built on perceived values climbing because of whipped up demand. Once the prices reach the point of no return, the whole psychotic souffle will land flat.