Yep, that's right. As if the Toronto real estate market isn't depressing enough, things have gotten worse. So, sorry for temporarily putting a damper on your Friday.
In comparison to one bedroom condo prices of this time last year, costs have increased about 7.2%, leaving those looking to move out of their parent's house to the big city a whopping price tag of $1777 per month. Please take this time to pick your jaw up off the floor.
So, if you're now thinking about plan B aka plan "I need a roommate" you might want to think again. With rates shooting up a 2 bedroom condo will cost you around $2,219 (8% more than it would have in 2015).
I have my fingers crossed that you all receive raises and promotions because it looks like a little extra cash might be more necessary than we thought. Good Luck Toronto, hears to hoping we all won't be stuck in our parent's basements!
Source: The Toronto Real Estate Board