Home Real Estate ‘If I lived in Toronto, I would be broke’: How owning a...

‘If I lived in Toronto, I would be broke’: How owning a home feels increasingly unaffordable for many

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As interest rates rise, Canada’s housing market is showing signs that it’s cooling off. But the idea of owning a home — and even renting — still has some people feeling stretched.

Despite making what he describes as a “pretty good” single income and having a down payment ready to go, government worker Craig Dykeman, 54, says he’s struggling to find a home he can afford near his community of Jemseg, N.B.

Dykeman currently lives with his mother in a home she owns an hour west of Moncton, but he’s hoping to soon purchase a place to live with his young daughter.

Aside from mortgage costs, he’s worried about covering related expenses such as insurance and property tax as inflation pushes the cost of living higher.

“It doesn’t have to be a fancy house, but a house that I can live in … where I have enough left over to not have to worry about groceries or heat,” he told Cross Country Checkup.

Politicians, economists and advocates alike chalk the…

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