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.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
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
CTVNews.ca Top Stories
Parents of infant who died in wrong-way crash on Ontario's Hwy. 401 were in same vehicle
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
Three Quebec men from same family father hundreds of children
Three men in Quebec from the same family have fathered more than 600 children.
B.C. mayor stripped of budget, barred from committees over Indigenous residential schools book
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Jurors in Trump hush money trial hear recording of pivotal call on plan to buy affair story
Jurors in the hush money trial of Donald Trump heard a recording Thursday of him discussing with his then-lawyer and personal fixer a plan to purchase the silence of a Playboy model who has said she had an affair with the former president.
Captain sentenced to 4 years for criminal negligence in fiery deaths of 34 aboard scuba boat
A federal judge on Thursday sentenced a scuba dive boat captain to four years in custody and three years supervised release for criminal negligence after 34 people died in a fire aboard the vessel.
New scam targets Canada Carbon Rebate recipients
Fake text message and email campaigns trying to get money and information out of unsuspecting Canadian taxpayers have started circulating, just months after the federal government rebranded the carbon tax rebate the Canada Carbon Rebate.
Southern Alberta store broken into by burly black bear
Staff at a small southern Alberta office supply store were shocked to find someone had broken into the business last week, but they were even more confused when they discovered the culprit was a bear.
OPP's mandatory alcohol screening during traffic stops 'not acceptable': CCLA
A spike in impaired driving-related collisions has caused Ontario’s provincial police to begin enforcing mandatory alcohol screening (MAS) at all traffic stops in the Greater Toronto Area -- a move one civil rights group says is ‘not acceptable.’
President Joe Biden calls Japan and India 'xenophobic' nations that do not welcome immigrants
President Joe Biden has called Japan and India “xenophobic” countries that do not welcome immigrants, lumping the two with adversaries China and Russia as he tried to explain their economic circumstances and contrasted the four with the U.S. on immigration.