Toronto and Vancouver suffering ‘buyer gridlock’ as even existing homeowners can’t afford to move

, Bitcoin News

While much has been made of the plight of first-time homebuyers, TD economists warn that soaring prices are now locking out those who bought entry-level homes years ago.

Skyrocketing housing prices in Toronto and Vancouver are now preventing even existing homeowners from being able to upgrade into a new home.

While much has been made of the plight of first-time homebuyers who have to contend with lack of affordability in both markets, TD Economics notes that higher prices are now locking out those who bought entry-level homes years ago and are hoping to upgrade.

This has further worsened the supply of entry-level homes in both markets, exacerbating what TD calls “buyer gridlock.”

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