Wednesday, May 22, 2024

Home prices in half of Toronto’s neighborhoods exceed $2 million

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Almost half of Torontos neighborhoods now have a median home price of more than $2 million

Almost half of Toronto’s neighborhoods now have a median home price of more than $2 million. A new report warns that home prices in other neighborhoods will reach that level as well.

According to a report by housing listing website Zucasa, if home prices continue to rise at the rate they have been for the past decade, the average home price in all Toronto neighborhoods will reach $200,000 by 2034.

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Homeowners are not the only ones in trouble, renters are also in trouble. From 2016 to 2021, average rents in Ontario increased by nearly 30 per cent. A two-bedroom apartment in Toronto costs more than $3,000 a month, Angus Reed said in a survey report. In this situation, about 60 percent of the city’s tenants are seriously considering leaving the city.

One in three non-homeowners surveyed said they would like to buy a home right now. But because of the high price, you can’t. Another 52 percent who participated in the survey said that they expect house prices to decrease somewhat in the next four years.

For some, moving from one part of the country to another is not enough. The cost of living has reached such a high level that some residents are even considering leaving the country. In an interview with the media last summer, a Hamilton family said they were forced to move to Barbados. Their extended family members live there. Although food is expensive in the Caribbean country, the family hopes to save on services and accommodation costs.

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