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    Toronto Real Estate Is So Preposterous People Are Protesting Condos That "Only" Cost $500K

    Not in their backyard.

    A group of residents in midtown Toronto is fighting back against a townhouse development in their neighbourhood. Their complaint? The proposed homes will "only" cost $500,000, the Toronto Star reported.

    Facebook: torontostar

    According to the Star, a developer is planning an 80-unit development in the posh residential area, just south of one of the most expensive neighbourhoods in the city.

    Homes in the area can sell for $1 million to well over $2 million dollars and the 50 or so members of the "Density Creep Neighbourhood Alliance" are worried "places that are only $500,000" will drag down their property values.

    “We’re not against development,” Marcia Visser, founder of the Density Creep Neighborhood Alliance, told the Star.

    “We’re just for planned development that enriches our neighbourhood and maintains and reinforces the physical character of our neighbourhood.”

    She's also worried about "an influx of transient people," the Star reported.

    So what are these bargain-basement hovels invading the 'hood? They're actually a group of contemporary townhouses ranging in price from $369,900 to over $1,599,900.

    In a city with a massive waiting list for affordable housing and detached houses that average over $1 million, Torontonians are none too impressed with the Density Creep Neighborhood Alliance.

    @dougestey they're also illogical. A denser city means the value of single home properties should rise.

    BREAKING: Transients advancing on Keewatin, searching for $500K homes. #densitycreep

    Those white women can stop the gentrification of their neighbour. Sadly, poor people can't.

    Affordable housing is a very real problem in both Toronto and Vancouver, where residents recently held a rally against high homes prices called #Donthave1Million.

    Will Federal / Provincial leadership listen? #Vancouver #affordablehousing rally. #donthave1million #vanpoli #cdnpoli

    Vancouver's mayor released a statement about the rally, saying "I hear on a daily basis from people who are struggling to stay in the city, whether it's finding a decent place to rent for their family or a modest home to make an entry into the housing market.

    "This conversation needs to happen and I hear the concerns loud and clear — and I hope the provincial and federal governments are listening too."