The average home will cost $4.4 million
Current average: $622,000
Yes, you read that right. And yes, it sounds crazy. But if we’d told people in 1970 that the average cost of a house in Toronto would grow from $30,000 to $600,000 over 50-odd years, they wouldn’t have believed us either. Over the past few decades, housing costs in Toronto have risen by an average of 3.5 per cent every year. If demand for housing keeps growing—and it will, since the population is expected to double—so will the prices. The upshot? Toronto will become a city of renters, and home ownership a luxury reserved for our plutocratic overlords.
Continue to read on.Toronto Life