Quote:
Originally Posted by urbandreamer
^His point was that on an entry level salary he was able to buy a condo. Today that's impossible. (I remember seeing 1 bedrooms in that ugly white brick building at Adelaide and Bathurst starting from $95000 c.1998.)
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That much is apparent. You'll get no dispute from me that real estate could
previously be purchased on a modest salary, and now it's simply out of reach to more people and more people as prices continue to rise.
It's the rest of WhipperSnapper's post that has me confused. Each of these new condo towers provides homes to hundreds of individuals and families. It's not like they are staying vacant or underused. Isn't the rental vacant rate still at 1%? That's far below what is considered a healthy market, which is closer to 4 or 5%. That's one of the reasons why rents are rising so fast these days. As much as Toronto is adding new housing, it's no where near what's needed to meet the demands for housing caused by high levels of immigration and young adults looking to move away from their parents and start their own families.
Most cities meet this demand by just ever-sprawling outward. Toronto makes an attempt to limit sprawl and courage intensification in certain neighborhoods, but the 30,000 units build every yearly is no where near enough to accommodate a metro area growing by 100,000+ annually.
Sure, there may be more affordable places many hours outside the city, but people need an income to survive, and all the decent jobs will be located in a major city.
Good to be a boomer with a home in Toronto I suppose, but I feel bad for anyone else coming in afterwards without an sizable inheritance.