Will homes ever be affordable again in the Greater Toronto Area?

Repeated reports on Toronto real estate that peg the average price of a house at around $1 million prompt a necessary question: will homes ever be affordable in the Greater Toronto Area?

Housing experts told BNNBloomberg.ca it’s unlikely, with affordability poised to pose a challenge for young people for years to come, even those earning average or relatively high-paying salaries.

“I’m really concerned about this question,” Ene Underwood, chief executive officer of Habitat for Humanity’s Greater Toronto Area office.

“My answer is ‘I hope so,’ but I am very concerned as to whether it will ever be affordable.”