Toronto's housing remains highly unaffordable despite recent price declines. A median-income family must save over 42 months of income for a downpayment and dedicate more than 110% of income to mortgage payments, making ownership impossible without extra support. Rent is also costly, consuming nearly 35% of income. Lengthy municipal approvals, high fees, and restrictive policies hinder new home construction, worsening the crisis. Faster approvals, lower fees, and relaxed rules are needed to boost housing supply and affordability.
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