It's no secret that Toronto's housing market and house prices are at the top of mind for many prospective and aspiring homeowners in the city.According to Ratehub's latest data, in order to afford an average priced home , you'll have to make an annual income of $214,100.
The insights also show that, despite a drop in interest rates, 11 out of the 13 cities surveyed saw affordability decrease over the past month, with the outliers being St. John's, where the annual income needed to earn a home dropped by $1,000, and Victoria, where it dropped by $1,600.Looking to buy a house with a less-than-six-figure salary? In Winnipeg, Regina, Edmonton, Fredricton and St. John's, you'll need a minimum income of less than $100,000 to nab the typical property.
How the income needed to afford the average home in Canada has changed over time. Graph from Ratehub.ca. While between December 2023 and January 2024, Toronto saw a brief drop in the earnings necessary to go in on a home, it appears to be on the rebound once again. These figures were calculated based on a standard mortgage with a 20 per cent down payment and 25-year amortization, also factoring in $4,000 a year in property taxes and $150 a month in heating bills.
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