Toronto Ranked #1 Most Unaffordable Place In Canada To Buy A House
Things are looking pretty bleak.
Photo cred - Matthew D. Britt
Housing prices have been going up for years in much Canada, but it seems like things have started to get out of control. According to the Huffington Post, Toronto is now the most unaffordable place to buy a home with an average Canadian income. The maximum mortgage available for someone bringing in an average income is $460 000. Meanwhile, the average price of a detached house in Toronto is $955 314.
And it gets worse! If you were planning on moving to the suburbs to settle down, you might want to have a backup plan. Markham, Vaughan, and Mississauga have recently joined the ranks of other Canadian cities that are unaffordable to live in, alongside Burnaby and Surrey in British Colombia.
As it stands, the most affordable city to buy a house in is Quebec City. In fact, most of the places on the "affordable" list are in Quebec, so they must be doing something right. But for us Torontonians, things aren't great. And housing prices in this city are only going up, so Millennials are in for a rough time.
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