Someone Showed How Much Toronto Home Prices Have Gone Up In 10 Years & People Are So Bummed

In 2023, affording a home in Toronto is next to impossible for those looking to enter the market, but it wasn't always this way. Heck, it was only a short while ago that buying a house in the city was a viable option.

On Wednesday, Graham Rowlands, founder of homing.ca, highlighted the staggering heights Toronto's housing prices have climbed in a mere decade in an Instagram post.

Growland also shared his data in a Toronto Reddit thread, and so many people responded. In fact, the comment section became a pool of voices, with everyone from the hopelessly negative to the surprisingly well-informed weighing in.

"The increase in price recently is crazy, but it's actually been crazy for 60 years," wrote one user. "The difference is that purchasing power used to be a lot better."

"It's cool, the average pay in Toronto has also increased by about 110% in the last 10 years," added a post dripping with sarcasm.

At least a few users gave their hot takes on how the city ended up in such dire straits, leading to some interesting arguments.

"It was manageable when interest rates got lower and lower. Now that it is reversed and rates higher, these prices are hard to support with salaries," wrote one.

So, what will the future hold? Who knows. But, Growland had this to say:

"I don't think we will look back 10 years from now at another double in prices but unless the government slows down population increases via immigration if we look at our current growth and try to predict 10 years from now I think we could see 1.5x growth easily in 10 years but that ignores things like continues rate increases etc."

The City of Toronto announced its 2023 budget on Wednesday, revealing its plans to raise the price of property taxes.

If approved, residential property taxes will increase by 5.50%, with multi-residential units rising by 2.75%. In other words, the spike could cost the average homeowner an additional $183 per year.

So, keep dreaming about your dream home in Toronto because it only gets harder from here.

This article's cover image was used for illustrative purposes only.