If you live in the Greater Toronto Area (GTA), this news will likely not come as a surprise.
A new report that doesn’t even delve into the details surrounding the recent increased cost of homes amid the ongoing COVID-19 pandemic, indicates that the price of homes has increased by 115 percent in the GTA. In comparison, the medium income has only gone up by 25 percent over the 10 years between 2008 and 2018.
With the recent surge in housing cost in mind, this percentage is likely even higher today.
According to the study, back in July 2018, the average cost of a home in the GTA was $782,129. Fast-forward to July 2021 and the average price has hit $1,062,256, a 35.8 percent increase.
The study also cites that between 2008 and 2018, the average rent increases doubled wage increases.
While the market has cooled slightly over the last few months, the lack of inventory continues to drive up prices.
With this in mind, it makes sense that housing affordability is a significant pillar of each major political party’s platform as the federal election rapidly approaches.