Strategy for those priced out?
In my case I can afford the average house ($400k) but it's slim pickings in ottawa at that price point, and if houses are appreciating 7-10%/year ($30k on the average house), that's something like an extra $1500-$2000/year in mortgage payments. It's unlikely that my salary will steadily increase $2000/year!
Options I've been looking at:
+ Continue to save and hope that prices decrease
+ Move to smaller town and look for work elsewhere
+ Buy crappy house that i can afford
+ Stretch myself and get something decent (I'm approved for a lot more than $400k but would have to actually live like a monk to make ends meet.)
+ Stretch myself and get a half-decent duplex and try my hand at being a landlord and pray I don't have to live like a monk or deal with *****ty tenants all day long.
I know rfd is full of house-rich millionaires with multiple dwellings, but surely there's one or two other people in my situation who have only recently been able to afford a house and missed the great glorious boom of the 2000s-2010s.