Ugh, housing...

[Lindsey]

For the longest time, Saskatchewan was one of the cheapest provinces to live in. My boyfriend has been living with his mom since high school, has paid off his student loans and has one year left to pay off his car and he'll be completely debt-free. Through all this time he has been saving up money for a down payment on a house so he doesn't waste money paying rent. And now he's decided he's 23 and doesn't really want to be living with his mom anymore....
BUT last year out of nowhere housing prices skyrocketed. The rich Alberta people saw how cheap they could buy places in Saskatchewan and they came in droves, and our economy is going crazy with the discovery of diamonds in the north of the province, as well as the potash, farming, and realizing we're sitting on an ocean of oil. The result? Average home price last year went from around 100,000 to 175,000. Already this year the average price is 225,000 and it's expected to reach 275,000 by the end of the year. Banks are advertising 40 year mortgages with no down payment for first time homebuyers. 40 YEARS!
So Kyle realized if he's gonna act he has to act NOW. He went to the bank yesterday and they told him the best they can do is around 160,000. They told him to try a mortgage broker and he can try to get more, otherwise wait until he's completely out of debt (1 more year) AND gets a raise (now he's making 20/hr). I don't understand how the heck ANYONE is able to afford a house right now. We drove around tonight looking at houses that are closer to his price range (180ish) but they were all run-down shacks in really really sketchy neighborhoods. Is it worth it to go somewhere like that just to own property?
It's a little depressing to me, because I know I won't be buying a house anytime soon, but it's going to be 15 years before I'm out of debt from school. So it's going to be a LONG time before I can buy a house, and until then I'm just wasting money on rent (which would actually be the exact same price as mortgage payments).
I hate being a grown-up.