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For so many Ontarians, particularly those in the Greater Toronto Area (GTA), it may seem homeownership will forever remain out of reach. The benchmark price for new single-family homes in the region in September was around $1.5 million while the benchmark price for condominiums was just over $1 million. Although a 15 to 20 per cent decrease from what prices reached in 2022, it is no wonder that purchasing a home can seem impossible. There are a number of variable factors why this is the case.&nbsp;

Benchmark price for new single-family homes in the region in September was around $1.5 million{ai:summary}Homeownership remains elusive for many in Ontario, especially in the Greater Toronto Area, where benchmark prices for new single-family homes are around $1.5 million and condominiums exceed $1 million. Despite a 15 to 20 percent decrease from 2022, affordability continues to be a significant challenge. Various factors contribute to this ongoing issue, making it difficult for potential buyers to enter the housing market. #economy

Governments must do something to lower housing costs to make homeownership possible

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