Property prices might have stopped growing in Canada but it doesn’t mean Canadians were more able to afford to buy anything.
At the start of 2022, the typical house in Australia and Canada was worth about $840,000 in each country’s local currency.
Australian city prices have climbed by about A$85,000 over the subsequent three years, while Canadian prices have crashed by C$150,000, leaving the median Canadian home nearly 20% cheaper.
The Canadian correction has raised questions over whether properties in Australia, economically comparable to its Commonwealth comrade, could face a similar selldown.
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