We were recently approached by 2 first time home buyers. One looking in the Richmond Hill area and the other in Central Toronto. Requirements for both were Freehold, pricing 400K or under and willing to move into Town homes.

The MLS search produced......zero results. I tried to explain that the pricing they were looking for no longer exists. Affordability has actually become an issue and the pricing of homes and condos is far exceeding the income levels.  We read this in the papers and hear it quoted by economists.

For such buyers to enter the market they have to substantially increase the down payment or hope that the homes become more affordable.