Ron Matin
Canada, is the second largest country in the globe after Russia. It’s a country known for its beautiful landscapes. More importantly, it’s heartwarming and friendly to locals, making it a popular destination for those seeking the good life. With the Bank of Canada’s recent interest rate hike and soaring home prices, the dream of homeownership is slipping away for many Canadians.
A possible cause for an increasing number of Canadians bidding farewell to their homeland and embarking on a quest for more affordable living. Why? Well, below is an informational answer, along with multiple stories.
Steve Thurrott – from the Rockies to Cambodia
Steve Thurrott, a seasoned veteran, and his wife had once roamed the majestic Rockies of Canada. Undoubtedly, one of a kind throughout the world. However, the mountains couldn’t shield them from the financial woes back home. Faced with exorbitant living costs, they decided to break free and seek refuge in the enchanting land of Cambodia.
With the cost of living significantly lower, Steve found a spacious three-bedroom home with a pool for a mere $300 a month. With benefits including enjoying local delicacies without breaking the bank, and making every day feel like a vacation.
The charm of Cambodia’s culture
Steve and his wife have not only found a new home in Cambodia but, a brand new appreciation for the country’s rich culture. From the vibrant street markets of foods to the ancient temples, Cambodia has captured their hearts and made them feel truly at home.
Shane Baetz – Canada no longer the ‘end goal’
Shane Baetz, a beloved devoted father of two, once thought that Canada held the promise of a better life for his family. However, as the housing prices began soaring high up in the sky, so did his concerns about his daughters’ future.
As discontent grows, he couldn’t keep up. How would his children get along with all the inflation, prices, and possibly AI? The dream of homeownership in Canada seemed elusive, and Shane, for the life of him, couldn’t bear the thought of his children facing the same or worse financial struggles. Leading to, with a heavy heart, sailing ship to the Philippines, where they found a comfortable home, financial stability, and newfound hope for the future.
The warmth of Filipino hospitality
Where the warmth of the locals, their kindness and their new location have made them feel like part of the community. From the delicious food to the beautiful beaches, the family has fallen in love with the country and is immensely grateful for the hospitality.
Homebuyers and retirees considering leaving Canada
As discontent grows throughout Canada, large portions of Canadians are contemplating their exits from the Great North. Andre Fortier, a hopeful first-time homebuyer dreams of owning a place to call his own.
It’s a harsh reality, as nobody should feel that way. But the harsh Canadian housing market has him considering a move to Colombia. Leslie Dunn, a spirited retiree, is looking for a peaceful retreat, and Mexico’s affordable living costs are calling her name in nearly every way possible. It seems that more and more Canadians are finding solace in foreign lands, where dreams of homeownership can become a reality.
A new chapter for first-time homebuyers
For first-time homebuyers like Andre, moving abroad may be the perfect opportunity to start a new chapter in life. With lower housing costs and a chance to explore new cultures, the dream of homeownership can become a reality, and a new adventure awaits.
Role of increased supply in promoting affordable housing
As the tide of Canadian emigration surges, the Canada Mortgage and Housing Corporation suggests a potential solution to stem the outflow – increasing the housing supply. By building more homes, Canada can alleviate the strain on the real estate market, making housing more accessible to all. A surge in housing stock can lead to a brighter future, where the dream of owning a home doesn’t feel like a distant mirage. With increased affordability and a higher quality of life, Canadians might be inspired to keep their roots firmly planted on Canadian soil.
The benefits of increased housing supply
Increased housing supply can have a significant impact on Canadian homeownership rates and affordability. By reducing demand and increasing supply, the government can help make the dream of owning a home a much more achievable task for all Canadians.
Conclusion
The high cost of living in Canada has set a new trend in motion – an exodus of daring Canadians seeking more affordable pastures overseas. With each new story of escape, the notion of a better life outside Canada becomes more alluring.
More importantly, with more leaves and more houses being constructed, newcomers are getting a better deal. As with the rules of supply & demand, the construction of more houses decreases the value of one, and as fewer people leave, the more the market is open. Making the near future the perfect time. However, it’s not all easy, with the new policies, rules, updates and more. For assurance, contact us.
As the Great North grapples with its housing crisis, it’s up to policymakers to create an environment where homeownership is attainable and dreams can thrive. Until then, Canadians will continue to journey far and wide in search of a place they can truly call home.