This is wonderful to see. I can look back at this chart and see what the average price was when we first came to Canada back in 1974. The average home price was $52K. My Dad came in 1972 an it was $32K. Wow, almost doubled in 2 years.
Today an average car costs $32K and a very nice one at $52K.
The chart also shows the "Recession" years and "high interest rate times of 1989 to 1993 when prices fell and people defaulted because they couldn't make payments. Imagine paying 18% interest? We have it so good at 3%!
Finally the scare in 2007-2009 which didn't materialize in a drop in average price but flat-lined the growth in average price. But if you were to extrapolate the chart from 2007 up... you will notice that we've caught up in average price in 2010 and definitely have exeeded it in 2011.
I think this is a nice chart that The Toronto Real Estate Board has compiled and is attached below for your preview.
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