The word bubble is often used to describe the incredible run up in prices that the Toronto and GTA housing market has experienced during the last 10-15 years. The fact that if you bought a house in 2009, it has, on average, more than doubled in value – if not tripled – makes it hard to criticize the notion that we are in a housing bubble.
Most people who live in Toronto are aware of the housing crunch. Okay, just about everyone is. It’s definitely no secret that there aren’t enough houses – detached, semi, townhouse, condos, apartments – to go around. Rents are skyrocketed as a result and everyone is feeling the pinch.