House prices in Toronto are declining. But the city’s affordability crisis is far from over — and government policies will likely make it worse.

While most Torontonians know there’s a crisis, the numbers make it clear. According to our new study, in 2023 (the latest year of available data), a family earning the city’s median after-tax income ($60,510) had to save $216,240 (the equivalent of 42.9 months of its after-tax income) for a 20% down payment on a typical home of any type (single-detached, semi-detached, condominium). But even if that family could somehow clear this monumental hurdle, it then had to dedicate 110.2% of its after-tax income for monthly mortgage payments ($5,557) — a financial impossibility, unless the family can share housing costs (e.g. live-in tenants) or rely on f

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