Looking back on how inexpensive things like groceries and housing were in Toronto in years past really underscores how unaffordable the city has become, and a new study about the evolution of real estate prices over the last 30 years is a perfect example.this week, draw a painful comparison between 1994 Toronto and 2024 Toronto, and are enough to grind any resident's gears.
"Homes were relatively more affordable , costing around five times the median household income... but in 2024, the situation has changed dramatically. Now, homes cost about 12 times the median household income, indicating a significant drop in housing affordability." At the same time, household incomes have climbed from $39,114 in 1994, equivalent to $72,472 in current value, to an only slightly higher $95,982 30 years later.