With the Canadian federal election just two weeks away, CBC’s Mike Crawley breaks down how the promises from major parties could affect the price of housing in the GTA.
The soaring cost of home ownership is a challenge facing people across Canada, arguably nowhere more so than in big cities like Toronto.
From the 1980s through the late 2000s, the price of the average home in Toronto and the surrounding Greater Toronto Area stayed within three to five times the average annual household income.
But since 2010, that ratio has shifted dramatically. The average home now costs nearly 10 times the yearly income of the average household, based on data from the Toronto Region Real Estate Board (TRREB) and Statistics Canada.
Combine that with the fact that Toronto and the GTA account for one in six seats up for grabs nationally in the federal election and it’s little wonder the main parties are trying to woo voters with …