Average home prices pass $2M in nearly half of Toronto neighbourhoods. Would you leave the city over high costs?
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.
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%. 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% of renters in the city are “seriously” considering living.
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.
