A recently married millennial with an established business and a good income, he’s been ready for some time to make the leap from renter to homeowner.
“The last property we bid on was a 40-year-old condo in Kanata that was listed at $350,000 and it sold for $575,000.
But the price of houses has grown faster and now I can’t afford a home,” he says.
Millennials like Tester are driving a lot of the change in the marketplace today, Coletto says, and affordability is a big part of that change.
Since the pandemic began, eQ’s projects in Rockland and Kemptville “have just exploded,” says vice-president Josh Kardish.
But Claridge Homes CFO Neil Malhotra finds the “insane spike in housing prices” is making it much harder to buy something bigger.
Affordability and even simply accessibility to housing “is a top, if not the top, issue locally and in the province right now,” says Coletto.
His frustration prompted him and a partner to create an advocacy group last fall called Make Housing Affordable.
Adding a contrarian view is George Fallis, a professor emeritus of economics and urban studies at York University in Toronto.
“The analogy I’ve been using lately is we treat every home like it’s a Wayne Gretzky rookie card — it’s rare, it’s hard to find, it’s a commodity.
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