Toronto house prices through the roof in 1988
Even an offer of a great job isn't enough to entice Ben De Jongg to move his family to Toronto from London, Ont. The reason? After two days of looking, he and his wife concluded that, at an average of $220,000, the cost of a house in Toronto was just too high. In this CBC report, Neil Macdonald says more workers are bypassing the problem by living outside the city and "staring at somebody else's bumper for two hours a day."
Broadcast Date: May 8, 1988
Program: Sunday Report
Host: Knowlton Nash
Reporter: Neil Macdonald
Guests: Alice Hogg, Ben De Jongg, Doug Harpell, Alan Topping Duration: 2:57
Did You know?
• Between 1985 and 1989, the average price of a house in Toronto jumped from $109,000 to $273,000.
• Less than a year after this report, the Toronto Real Estate Board reported that home sales in the city were down by 40 per cent over the previous year. Two years later they were down by almost half. The average price also fell from a high of $274,000 in 1988 to $198,000 in 1996.