home prices continue to soar alongside inflation and a higher cost of borrowing.Among frustrated prospective buyers is Mac Ross, an assistant professor at Western University’s School of Kinesiology in London, Ont.
He tells Global News that he’s struggling to find a home big enough for his growing family, even on a professor’s salary.The family of four has been renting a two-bedroom home for the past few years, but the addition of a new baby pushed Ross and his wife to put together a down payment in search of a three-bedroom home five months ago.
Average home price in Canada hit a record $816,720 in February Though he says they’ve found a couple of bungalows listed for just under $500,000 that fit their budget and would accommodate the family, the properties were scooped up for more than $200,000 above asking.“At that point, there’s nothing we can do.
It just kind of boggles the mind that people were willing to pay that much,” he says.The family has adopted a holding pattern in their house hunt now, and is waiting to see if the spring brings any calmer conditions.