At this rate, Toronto will soon be a playground for the very rich. Home prices in the 416 area code continue to rise and now Torontonians like myself are experiencing a very interesting phenomenon. We can't afford to buy our own homes.
When I originally bought my house, I was able to afford it. This may seem like a redundant statement, because if I was able to buy I must have been able to buy it, but I can no longer afford to buy it. The value of my home right now is more than I can afford at this point in my life.
I wonder how many Torontonians are in this same position? Some see this as a good thing, because it means you've made money on your house should you decide to sell it. But what next? I would want a home in the same neighbourhood, and I'd want something a little bigger, so I can't afford to sell, even if the value has increased 25% in the past three years. I'm just lucky I got in when I did because I don't know where I'd end up if I were just now entering the housing market for the first time.
At some point in the not too distant future, a modest earner will be forced to buy in the 905. Toronto will be for multi-millionaire's only, and that's bad news for poor bastards like me.