Back to all posts

The Real Problem with Housing Prices in Toronto

By Katie McCann

If you’ve lived in Toronto, you’ve complained about housing prices – especially with the housing market exploding during the pandemic. For some, the last ten years have been exciting. For most, they’ve been stressful as prices have continued to climb (in fact, this year Toronto housing prices grew faster than Vancouver’s):

This has created a generational problem for young people who will never be able to afford a home. But the problem doesn’t stop there.

While housing prices are going up, housing sizes are getting smaller. The average Toronto condo sold in 2015 was 14% smaller than the average condo sold in 2010. That’s roughly 130 square feet less – a generously sized bedroom in today’s condo market!

As if that weren’t enough, we’re accumulating more and more stuff by the year. In fact, the average household in 2014 had 300,000 items.

So let’s take stock:

  • Housing prices are going up
  • Size of housing is going down
  • Stuff we own is going up

This leaves Torontonians in a bit of a downward spiral – we’re paying more and more for less and less. And all the while we’ve got more stuff and nowhere to put it. This brings us to our theory of unrealistic expectations:

Our theory states that as housing prices increase and housing sizes decrease, our access to storage get’s exponentially smaller. That spare bedroom that used to house your bike? Now it’s a den. That den that used to house your skis? Now it’s a closet. That closet that used to house your winter wardrobe? Now it’s a couch. That couch that used to house your Pusheen plushie? Ha. Sorry, Pusheen.

As fellow Torontonians we understand the struggle of making space in a city with growing real estate prices and shrinking living spaces. We’re tired of living with bikes in our kitchens and winter coats on our couches. So we started Second Closet to help Torontonians live a clutter-free life. Find out how we give you virtually unlimited space.

Katie McCann
By Katie McCann

Katie is the Content Marketing Manager at Bolt, creating resources to help ecommerce businesses of all size thrive. When she's not tracking her online orders right to her doorstep, she's obsessing over her pandemic puppy and learning TikTok dances.