History repeats itself, even in Toronto's roaring housing market.
Globe and Mail real estate reporter Tamsin McMahon tweeted the following article on Friday.
— Tamsin McMahon (@tamsinrm) April 22, 2016
Written in July 1988, the story talks about how low mortgage rates have helped to fuel skyrocketing housing prices that would require down payments of $50,000 just to buy an average home.
"Dark words are muttered about how foreign money is to blame," the story reads. "Or yuppies."
Substitute the numbers for today's prices and such a story could have been published last week.
But McMahon isn't the only journalist who recalled housing stories of old recently.
Last week, CBC News rehashed a 1988 story by Neil Macdonald that talked about how a family of four in a Toronto suburb needed an income of $67,000 just to afford a home.
In Vancouver? Families needed to make $56,000.
Contrast that with today, when you would need $87,407 to afford an average-priced home in Toronto. And $120,297 to buy one in Vancouver.
Gabled architecture in Toronto's Little Italy neighbourhood. (Photo: Lonely Planet/Getty Images)
CBC noted, however, that Toronto's housing market was on the verge of crashing at the time.
After hitting a record high of $273,698 in 1989, the average sale price of a home plummeted, falling all the way to $198,150 in 1996.
Today, the average price of a home is $688,181 — up 12.1 per cent from last year.
Vancouver really hasn't changed much
The rhetoric around real estate hasn't changed dramatically on the West Coast, either.
Earlier this year, Global News re-posted a documentary that was aired by BCTV, Global's predecessor in Vancouver, in 1989.
It showed people registering firm opposition to Asian investment in Vancouver — in words not unlike what you'll hear today.
"People like us, a young married couple and we've lived here all our lives, and we can't afford to buy a house," said one woman.
"We save and we save, and it doesn't matter, because the prices keep going up because the foreign people keep coming in and keep buying."
Also on HuffPost:
"At my open house, the male neighbour next door [was] tanning nude in the backyard. Not discovered until we stepped into the back deck and....well...then there was nothing left to discover." — Phil, a top agent on the North Shore
"When selling my own home, I cleaned thoroughly only to return — post-showing — to my nail clippers out and a stranger's nails in my sink." — Jack Bernard, Vancouver
"In a developer's presentation centre, a buyer used the display bathroom — which had an open ceiling to the centre — for number two. He struggled and was audibly not enjoying it." — Jack Bernard, Vancouver
“One of my agents and I were out with buyers showing them a number of investment properties in my previous market of Sarasota, Florida. Upon entering one 'handyman special,' we were greeted by animal bones and odd markings. Once we got to the living room, we discovered that someone had broken into the home and performed voodoo ceremonies — complete with altar, stones, voodoo dolls, and more bones. Needless to say, the buyer passed on that particular investment." — Bret Calltharp, business development Specialist for Metro Vancouver Properties (RE/MAX)
"People that lift up toilet seats to look under them. What do they expect to see?" — Shawn Anderson, RE/MAX, Vancouver
"The couple next door with the curtains open while enjoying each other vigorously. The buyers thought it nice that people got along in the neighbourhood, but that perhaps (as proven) it might be a bit loud for them and their children." — Phil, a top agent on the North Shore
"A ghost." — Angie, Metro Vancouver realtor
"One seller's decor had coffee cups on everything, including curtains, cupboards, and each individual tile. On our second meeting, I brought them coffee, but they turned it down — as they don't drink coffee." — Jack Bernard, Vancouver
"On occasion (though not recommended), it's OK when people leave a very small, friendly, and cute dog home while having an open house. However, as I was walking a couple through the home, the fluffy little dear decided to show her disapproval on the living room carpet as we entered the room. Clearly, she was not ready to move." — Phil, a top agent on the North Shore
"I was on tour with some buyers in West Van. The listing realtor, who was related to the seller, met us at the property to unlock. He told us to go in and he'd be out in the garden making some calls. The house appeared almost vacant, just a few pieces of furniture around. We went upstairs into one of the bedrooms and turned the lights on — there was an elderly woman sleeping in the bed. My client screamed at the top of her lungs and then the woman in bed started screaming too. My client was so shocked she ran all the way out and got back in the car. I asked the other realtor why he didn't mention someone was there, he said he didn't think we'd notice his tiny Gramma sleeping and she's a deep sleeper so didn't think she'd notice us...wrong!" — Ian Eggleton, Re/Max, North Shore and Downtown Vancouver
"A buyer and I went to a 400 sq.-ft. studio near Collingwood. We arrived early to familiarize ourselves with the area and waited outside for the listing agent. The broker ran awkwardly up to the home and rushed to the elevator and hurried us up to the suite. Once inside he immediately ducked into the bathroom. Due to the small size, the buyer and I finished our viewing in a few moments. There was a long and uncomfortable few minutes where we sat in silence waiting for the listing broker to finish up. We heard an exasperated sigh and flush, he leaned out of the bathroom and said quite excitedly 'Hey, you guys have to come check out these renovations in here!' A quick no thanks, a lot of laughter and we avoided the amenity viewing and decided to move on. One of my more memorable showings and one we still laugh about." — Jack Bernard, Vancouver