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toronto housing prices

the journal of Michael Werneburg

twenty-seven years and one million words

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.