The average price of a single home is close to a million dollars Canadian.
http://www.thestar.com/business/real_estate/2014/05/06/single_home_prices_in_toronto_shoot_up_13_to_965000.html
I have a friend in commercial real estate who keeps telling me that if interest rates go up, a lot of people will be forced to sell. Of course, he's been saying that for 10 years. He also said with the price of land being what it is, there really is nowhere to go but up.
But while I've always been a fan of infill housing, this is getting ridiculous. The extent of the vertical development sometimes makes me feel like I'm living on the Bladerunner set. Every time I'm in the downtown core, I find another corner where I can no longer see the sky. And it's not like these are attractive buildings. Plummeting windows and other shoddy workmanship aside, most of these things are god-awful blights on the world of architecture.
Not too long ago, I commented to my partner that the 20-year-old condo down the street from us now seemed like a nice building. I remember when it first went up, and at the time everyone thought it was hideous. But compared to the recent monstrosities, the 1990s architecture seems almost classical.
I do not anticipate any of these newer monuments to Mammon will age as well.
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