In Canada, overall all houses are the same. The building materials, inner decoration, floor, even the colour. But the price varies according to its location, size and time. Except for size, none other materials should give a huge difference in pricing. If you look at the house building cost and its decoration, the houses are unnecessarily costly.
The house price increased too much, now general people can never buy a house. So, what they do is take a mortgage and pay the rest of their life for their house. They can't take a rest or even feel down, they have to go and earn money to pay the monthly payment. After death, someone else will carry on, who they will nominate.
Actually, who is getting benefited over here? The bank or organization/broker who gave the mortgage and the company whose duty is to find a house. These middle persons didn't build the house, they are not buying too. But they are benefited and pulling all strings to increase the price.
Here, mostly the immigrants are the sufferer. Among them, the Asian's are the ones who helped to create this situation and suffering lifetime money problem. Because of culture, Asian people's life target is to get their own homes and own cars. After immigration, they work heart and soul to earn money to buy a house. But the amount they earn, it will take longer, in some cases can never buy a house. Because the price is made that high. So, they have no other choice but to take a mortgage. Now for the rest of their life, they will keep paying the organization, and the organizations are getting rich to richer. The poor immigrant is happy that they can start living in a house (In Canada, because in most cases they had a house in their own country), which is on the mortgage but will someday they will own it or their future generation will get it.
We should stop this life-killing process. Price should go up too much this way. There should be a regulation to control the pricing of houses/condos or any other thing.
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