Dear Brentwoodians,
House Prices
Once again, reading Melanie Swailes’ Development and Transportation Committee article got me thinking, this time about the cost of housing. With the media coverage and political discourse about housing, it is easy to take it as a given that the cost of housing has risen in an unprecedented way in the last several years; but a chat with my parents cast another light on the issue. I grew up in a small (<1,500 sq. ft.) semi-detached home in a family-friendly neighbourhood in mid-town Toronto—near Mt. Pleasant Road and Davisville Avenue, for those who know the city. My parents bought it in 1973 for $35,000. When they moved to Nova Scotia in 1998, they sold the place for $335,000, or 9.5 times the original purchase price. I did a bit of browsing on Realtor.ca this afternoon, and comparable homes in the neighbourhood seem to now be going for anywhere between $1.5m and $2m. That’s a lot of money to be sure, especially compared with the market here in Brentwood, but it only represents a six-fold increase since my parents sold.
In other words, homes in a highly desirable area of one of the most expensive cities in the country have appreciated a lot less in the last 25 years than they did in the previous 25-year period. This is of course anecdotal evidence, but it offers a different perspective on the housing issue. My parents, who were already entering their 30s, borrowed the downpayment from my grandfather, who took out a second mortgage to help them. Then, like now, many people relied on financial support from parents to get into the property market. Maybe today’s situation isn’t as different as we sometimes hear. I would love to receive some perspectives from Bugle readers on the challenges you have faced in the housing or rental market, and your outlook for the future. Please send your thoughts to [email protected].
A Great Loss
Long-time readers who have been missing the contributions by our Environment columnist Polly Lee Knowlton Cockett will be saddened to learn that she recently passed away after a struggle with cancer. Tributes from the Brentwood Community Association and columnist Lee Hunt can be found in this issue, but I would like to add my personal condolences to Polly’s family and friends. She made an outsized impact in our community, and she will be missed greatly.
Yours sincerely,
Jonathan Jucker
Editor, Brentwood Bugle
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