The average price of a home in nearly half of Toronto’s neighbourhoods has already surpassed $2 million and a new report is warning that prices in other neighbourhoods will soon reach that benchmark as well.
According to a report by real estate listing website Zoocasa, all Toronto neighbourhoods will hit the $2 million average price mark by 2034 if prices continue to rise at the same average rate they have over the last decade.
Homeowners aren’t alone in the struggle, either – renters are also feeling the crunch. Between 2016 and 2021, average rental prices in Ontario rose by nearly 30 per cent. With the average Toronto two-bedroom apartment currently going for just over $3,000 a month, a report by the Angus Reid Institute poll recently found that nearly 60 per cent of renters in the city are “seriously” considering leaving.
Approximately one out of three non-owners surveyed said they would like to buy a home now but can’t afford to due to the high cost of real estate. Another 52 per cent of respondents said they hope home prices fall at least “slightly” in the next four years.
For some, a cross-country move isn’t enough for a significant return on savings. Costs of living have reached such heights that some residents have even opted to leave the country altogether. In an interview with CTV News last summer, a family from Hamilton said they were being forced to relocate to Barbados, where their extended family lives. Although food is more expensive in the Caribbean country, the family hopes to save on utilities and housing costs.
Have you considered leaving the area for cheaper pastures? Has the rising cost of living forced you to make a career change? Would you consider a move if it meant significant savings?
If you’ve been affected by unaffordability, CTV News Toronto wants to hear from you.
Share your story by emailing us at torontonews@bellmedia.ca with your name, general location and phone number in case we want to follow up. Your comments may be used in a CTV News Toronto story.
A new report says the total value of commercial real estate sales in the Greater Toronto Area in the second quarter rose 43 per cent compared with a year ago. Construction cranes feature on the skyline in Toronto on Wednesday, July 5, 2017. THE CANADIAN PRESS/Frank Gunn