Here's how drastically home prices in Toronto have changed in the past 30 years

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.

Source: Real Estate Daily Report (realestatedailyreport.net)

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