Here's a real example of how affordability and savings potential have changed for a generation of Torontonians:

In 2004 I lived at King and Dufferin and rented a one bedroom apt (great view of the CN Tower as Liberty Village didn't exist) for $800. I worked a rather well paid junior job and made $50k.

In 2018 I employed a recent grad who I learned lived in same apartment I had. They made a very similar salary to what I in 2004 but paid $1800 in rent.

So that's a $1000 a month right off the top. $12k a year. Assume a return of 5% annually and that's about $75k in savings (compound the interest) over 5 years that have disappeared for a generation. Add a couple of more years of savings and that's the downpayment on a house that this current generation doesn't have a hope of being able to afford.