I bought a condo in Toronto in 2015 for $592,000 CAD. I live here and quite like it. It's been my home for eight years.
Similar units in the same building now sell for $1.2m.
This means that my family's wealth has increased by $75,000 per year just from owning our home. That's more than the median income in Canada!
I don't say this to gloat. I say this as an example of how badly wrong things are. Nothing about this is sustainable. If it continues for another decade, we can presume no young person today will ever be able to afford a home.
Similar units in the same building now sell for $1.2m.
This means that my family's wealth has increased by $75,000 per year just from owning our home. That's more than the median income in Canada!
I don't say this to gloat. I say this as an example of how badly wrong things are. Nothing about this is sustainable. If it continues for another decade, we can presume no young person today will ever be able to afford a home.