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The sorry state of real estate

The average annual income in Toronto is about $72,000.

Toronto home prices continued their unabated climb last month, the city's real estate board said Wednesday in what could serve as a prelude to the critical spring homebuying season in the country's hottest housing market.

The average selling price for all properties in the Greater Toronto Area jumped from $688,011 to $916,567 over the last year -- a rise of 33.2 per cent, the Toronto Real Estate Board said.

Note the wording: that's the average selling price for all properties.

The average price of detached houses in the Greater Toronto Area was $1.21 million in March, up 33.4 per cent from last year. For the city of Toronto, the average price of detached properties hit $1.56 million, an increase of 32.8 per cent from March 2016.

[Emphasis mine.]

Oddly enough, the average income in Toronto didn't increase by 33% during the same time frame. People are gleefully burying themselves in gargantuan debt because, just look!, house price always go up.

There will be a lot of pain, suffering and misery when the crash occurs.

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