Toronto's Housing Market is Officially Toast 📉🔥 Can They Even Fix This Mess? 💀

The Tea is Scalding ☕

Okay, fam, lemme spill the tea. Toronto's housing market is giving major "end of the world" vibes. We're talking the biggest crash since your parents were rocking butterfly clips. Home prices have yeeted themselves down 30% since 2022 – that's like, a whole generation ago in internet time. They're even 5% lower than last year. Bruh. 📉

Now, some peeps are saying this could be a W. Lower prices = more affordable homes, right? But hold up, there's a catch. If prices keep tanking, jobs could be on the chopping block, and tax revenue might ghost us. It's giving major "lose-lose" situation. 😬

And get this: the ratio of home prices to income in Toronto is straight-up bonkers. Like, single-family homes cost over 11 TIMES what a middle-class fam makes. Back in the day (aka 10-20 years ago), it was way less sus. Experts say you shouldn't even buy a house that costs more than 3x your income. Toronto is out here breaking all the rules. 💀

But wait, there's more! Mortgage delinquencies are tripling - the highest in over a decade. No one can afford this stuff! When people can't pay their bills, they dip, making it a major issue of liquidity. At the same time, the market has a record amount of inventory, and prices remain high. It's like trying to flex in your parent's car, no one's buying it.

Toronto needs to get its act together, ASAP. This housing crisis is not a vibe, and if they don't fix it, things could get way worse. Stay tuned, besties, 'cause this saga is far from over. 🎬