Toronto Mike

In Toronto Many Of Us Can't Afford Our Own Homes


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.

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About Toronto Mike
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