There are now more homes for sale in Toronto than there have been in over a decade

Toronto's housing market is facing a crisis with plummeting sales and a surge in inventory, leading to properties staying on the market longer. Royal LePage reports the highest number of homes for sale in a decade, indicating an affordable supply issue. Despite high prices, few are buying, causing developers to halt projects. The average home price is $1,215,300, set to rise to $1,235,630, requiring an income of over $230,000 to afford. Mortgage debt in Ontario has reached a record high of over $1 billion.