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toronto housing prices

the journal of Michael Werneburg

twenty-seven years and one million words

Toronto, 2012.05.14

I looked up some figures and have come to an unsurprising conclusion: Toronto's housing prices are unaffordable.

Here, the median house price is $570k, and the median family income is $78k. Dividing the former by the latter, you get 7.3. Which seems pretty high. Of course, the average "stand-alone" house price (excluding duplexes, townhouses, and who knows what else) is $830k (see the first link above), for a multiple of 10.6. Which seems insane.

Another way of looking at this: we're renting a 2+ bedroom apartment in a decent neighbourhood in Toronto for a price that I could sustain for well over 40 years before I'd hit that $830k price, and that doesn't include all of the repairs, taxes, fees, and renovation costs.

So. Home ownership is out of the question in this city for our humble family.

rand()m quote

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

—Colin Powell