Housing in Toronto was affordable in the 90s because there was cheaper alternatives. Whether or not one preferred to live in Toronto is immaterial. What is sign

Housing in Toronto was affordable in the 90s because there was cheaper alternatives. Whether or not one preferred to live in Toronto is immaterial. What is significant is that there was an even more affordable choice to move to the edge of town, keeping pressure away from the core. Price is moderated by choice, after all. In the 90s, a 100 acre farm here would have sold for around $100,000. Today, the same farm would sell for around $3 million. That is a substantial increase to acquiring the land and a cost that is burdened even if you choose to put a home on the land. This means that there isn't a cheap option outside of town to provide as an alternative like their historically was. And, thus, that puts more pressure on prices within the city.