Before I explain the title, let's review the monthly statistics.
Here are the statistics for last month:

Over the last 5 years, the average number of condos on the market for sale in June has been 1271. This past June we had only 582, available inventory is still less than half as typical.

Over the last 5 years, the average number of condos on the market that sold in June has been 468. This past May we had 452 sales... demand is typical.

Low supply remains keeping us in a Seller's market. There is a significant shortage of condos for sale putting upward pressure on prices.

The median price of a downtown condo was down $615,000 in May to $600,500 in June. Don't let this mislead you into thinking prices are falling, it's just that May had a massive jump, condo prices YTD are up 9.2%.

In June, the average price of a detached home was back down to $1,354,429. Since January 2017, home prices are now up 1.3% while condos are up 30.4%. 

I don't normally talk about the rental market too much but it's important for landlord and investors. There is a real problem with affordable living for young professionals who have good jobs, need to live downtown but don't yet have the down payment or can't yet qualify for a $500,000 one bedroom condo. To rent a one bedroom condo in a good building typically starts around $1900, a two bedroom starts around $2400. If you're looking to join a roommate in a two bedroom they're now asking about $1400. I know it's hard to believe but most landlords are just hoping to break even each month after their mortgage, condo fees and property taxes.

This is causing tenants to be creative. We've spoken with 4 tenants looking to share a two bedroom condo together. There was also an advertisement on Kijiji offering a spot on her bunk bed for $420.

Since there is a blanket on the top bunk, I assume the available spot is the bottom bunk. As a professional realtor, I would advise the bottom bunk would be advantageous real estate for night time bathroom trips as well as being easier to make the bed each morning.

In all seriousness, the cost of purchasing and rental prices is making it really hard for a generation to buy their first home. I don't agree with the politicians affordability tactics of Foreign Buyer's Taxes, 2 Land Transfer Taxes or the measures in the Fair Housing Plan. Those measures collect a lot of money for the benefit of the government and discourage many landlords from buying and providing rental units to supply the rental market. I believe the correct path is as simple as increasing the supply to meet the demand and affordability will come into balance.

For developers, the problem is that the cost of construction and the city charges have made it very expensive to build in the city so they're just breaking even at $900 - 1,000 per sq ft. So they have to sell over $1,000 per sq ft to ensure profitability and many developers don't want to take that risk. So many are looking to build in more affordable places like Mississauga, Hamilton, Oakville, Waterloo... etc which doesn't help downtown affordability. If the city really wanted to help this generation afford housing downtown, they should waive all their developer charges and green light as many buildings as possible. Would that not increase condo construction from 17,000 units per year to 25,000 units per year? Supply and demand will do the rest on it's own.