Your House Makes More Than You Do
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Normally asset prices start to raise red flags when they consistently outrun growth in underlying income or earnings. But across much of Canada, and notably Ontario, house prices are not only rising faster than family income, they are rising more than total annual income. Take Woodstock for example, where benchmark prices are up a cool $118,200 in the past year to January (or 31.7%), while the median family earned $86,970 (in 2018). Draw your own conclusions.
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Sal Guatieri
Senior Economist
Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with two decades experience as a macro economist. With BMO Financial Group since 1994, his...(..)
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