Faculty in the News - 'Jaw-dropping' housing market
Diana Mok, Professor in Finance, was recently featured in the Western News article "'Jaw-dropping' housing market challenging next generation of buyers, Western experts say" on March 24, 2022.
Excerpt from the Western news:
"It’s no secret that house prices in Canada are soaring, and while the increases may mean big gains for those already in the market, there is a generation of buyers getting shut out or taking on greater risk.
“Even in mid-sized cities like London and Hamilton, the annual growth rate of house prices is eye-popping and jaw-dropping,” said professor Diana Mok of DAN Department of Management & Organizational Studies at Western University.
According to the Canadian Real Estate Association (CREA) the average house price in Canada was $748,450 in January.
With the high prices, Mok believes there is a real issue surrounding affordability brewing in our country.
“Real income has hardly increased at all when taking inflation into account. For many young people, without any support from families it is next to impossible for them to get into home ownership.” "
