Toronto buyers faced a steeper hurdle than many parents remember: lower mortgage rates did not cancel out far larger home prices and much heavier debt.
Early-1980s buyers endured brutal but temporary rates, while Toronto buyers were shouldering structurally larger loans tied to homes costing ~12 times income.
Saving for a Toronto down payment had stretched into a decade for many buyers, a much longer runway than earlier generations faced before entering homeownership.
Longer 30-yr amortizations lowered the monthly number for Toronto first-time buyers, but the tradeoff was more total interest across a much larger debt.
The broader takeaway for Toronto was practical: affordability pressure reached beyond rates alone, making careful guidance especially important for buyers weighing long-term costs.
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