Guess that rules out moving to Russia! 😬
If you thought Canada's home prices were getting expensive, just be thankful you don't live in one of the three countries that have it worse!
The National Bank of Canada released its latest Housing Affordability Monitor on November 9, 2021, and it included a roundup of countries whose home prices are skyrocketing. Surprisingly enough, Canada's not even in the top three!
Canada's home price percentage change — from this time last year to now — is sitting at a hefty 18.6%, good enough for fourth in the world and ahead of the U.S. (17.4%), Germany (10.9%) and Great Britain (10.7%).
But that pales in comparison to the top three. In third is New Zealand, with a 20.7% home price percentage change. The country is topped by Russia, at 21.1%, but both are left in the dust by Turkey, which had a home price percentage change of a staggering 30.2%!
Unfortunately for Canadians, the NBC reports that housing affordability has only gotten worse in Canada since the beginning of the year — according to the bank, the past year was the worst year for affordability in a decade.