The way it used to work, is when you couldn't afford to buy a new single family home, your turned to the condo market.
But in Toronto, that is even being pushed a little further out of reach.
New stats from BILD Toronto, show the average price of a condo or a stacked townhouse in the GTA, is up almost 40% from February a year ago.
That average price is now almost $730,000.
But compared to a new-build single family home, that's a drop in the bucket. For one of those, you'll need a little more than $1.2 million.
Interesting to note that the number of single family units sold in February, is down 82% from last year at this time, with only 264 changing hands.
According to the Building and Land Development Association, the problem continues to be the constant tug-of-war between supply and demand.
"We require about 55,000 new homes every year, and last year 44,000 homes were built. So it's tightening supply and we're seeing that effect on the market." says BILD spokesperson Justin Sherwood.
As for what can be done, he has some ideas.
"Municipalities can help. We're mirred in red tape and beaurocracy, so if we were able to get more land pre-zoned for construction and get infrastructure funded and built to support these new developments, we could build our way to growth." says Sherwood.