[hourislate]

I don't think there are any US Cities where the price of a house or condo doubled to tripled during the pandemic. There is no where in NA where the price of a house is rising at approx 2k a week, The average price of a house in Toronto is predicted to rise by 100k this year. It isn't just Toronto anymore, actually Toronto is super affordable. The prices across the province especially in areas outside of Toronto that have been historically low have sky rocketed. King Township average price is like 2.6 million.

https://www.zolo.ca/toronto-real-estate/trends

Thank the Federal Gov/BoC for destroying the dream of ownership for millions.

[uberman]

While I don't live in a big city, a neighbor of mine purchased their ranch for 700k pre-pandemic and have just offered it for sale three years later for 1.5 million so price doubling is not exclusive to Canada nor to "big cities".

To be fair, you showcase King, but King is a very affluent community and thanks to the 400 running through the middle of King Township, it is a bedroom community even for downtown Toronto. The homes for sale in King tend to be in the 3500 to 5000 sqft range and while they are super expensive, a 5000 sqft house, an hours drive from Manhattan, with a yard would cost as much or more in USD than a house in King for CAD.

You say this is a government / bank problem. Should the Feds (CA and/or USA) have kept interest rates high during COVID to keep house prices low?

[throwaway1777]

Housing prices did double in most mid tier cities during the pandemic. Just not the big ones like NYC, SF, Seattle which were already sky high.

[powerslacker]

Housing prices doubled for many places on the US.