If you thought that home prices were bad enough on their own, just wait until you hear how much more you’re paying in regulatory fees.
New research from C.D. Howe found that on average, Canadians who bought in the hottest real estate markets paid an average of $229,000 extra between 2007 and 2016 because of regulations. Zoning regulations and development charges are leading to increased housing costs. Builders are forced to pay these costs, and the costs then get passed on to the buyers.
It partially explains why the million-dollar homes we see today seem to range so much in price, depending on where they are. This week, we look at homes in Toronto, Ont., Victoria, B.C. and Saint John, N.B., and the differences are quite dramatic.
Which would you choose?
All listings courtesy Zoocasa.