Please complete your profile to unlock commenting and other important features.

User AvatarBuild your avatar
Please select your date of birth for special perks on your birthday. Your username will be your unique profile link and will be publicly used in comments.
Narcity Pro

This is a Pro feature.

Time to level up your local game with Narcity Pro.

Pro

$5/month

$40/year

  • Everything in the Free plan
  • Ad-free reading and browsing
  • Unlimited access to all content including AI summaries
  • Directly support our local and national reporting and become a Patron
  • Cancel anytime.
For Pro members only Pro
Summary

You Now Need To Make Nearly $130K A Year To Comfortably Afford A Home In Toronto

Time to start handing out resumes.
Toronto Home Prices Are So High You Need To Make Nearly $130K A Year To Afford One
Angelo Cordeschi | Dreamstime
Contributing Writer

Living comfortably in a Toronto home is now a milestone achieved only by the city's top earners.

According to Point2Homes, the city's housing market is so unaffordable that purchasing an average home requires an income of nearly $130K.

Editor's Choice: 7 Ontario Jobs You Can Apply For Right Now That Pay $100K Or Higher

$127,808 Necessary income to afford a Toronto home in 2020

The average Toronto household makes $115,134, which isn't quite enough to avoid being burdened by monthly mortgage payments.

In fact, homeowners need to earn a whopping $12,675 more each year just to live comfortably. 

So, according to the data report, the 6ix's housing market is currently 11 percent too expensive for the average household. 

As of 2020, the average selling price of a Toronto home was $930,00.

However, if you are not currently making enough to settle down, you could always rent. 

There are currently multiple units across the city that are offering free rent and other incentives for you to move in. 

From Your Site Articles
TorontoCanadaReal EstateReal Estate

Explore this list   👀

    • Patrick John Gilson

      Contributing Writer

      Patrick John Gilson (he/him) is a Contributing Writer with Narcity Media. He is a pro at ensuring his content is both exciting and tailored to millennials. He specializes in breaking news and investigative stories that require him to be on scene— something he enjoys and thrives in.

    Here's what salary you need to afford rent in Toronto vs. other GTA spots in 2025

    Three spots are actually MORE expensive than Toronto. 😳

    Here's the salary you need to afford rent in 13 Canadian cities and the gap is over $50K

    From Vancouver to St. John's, here's what your paycheque can get you.

    Canada's best places to live were ranked and Toronto didn't even crack the top 10

    From coastal charm to Rocky Mountain views, these cities have what Toronto doesn't. 👀

    How much does it actually cost to live in Toronto in 2025? We crunched the numbers

    Here's what you can expect shell out.

    Minimum wage is going up across Canada soon — but one province is getting left behind

    It could mean a raise of over $1,600 a year! 💸

    This BC small town with charming streets ranked as one of Canada's 'top travel destinations'

    The perfect weekend escape awaits you here.

    This enchanting small town set on a BC island was named among North America's 'most peaceful'

    Sandy beaches, ancient forests and a cozy town — anyone?. 🌲

    Parks Canada is hiring for these high-paying jobs and you can make up to $129,000

    Some positions don't require a university degree!

    Ontario Trillium Benefit payments for September go out soon — Here's how much you can get

    More government cash is headed to Ontarians next week. 💵

    Canada's new $2 coin is an actual piece of art featuring blue, yellow and orange hues

    This colourful circulation coin is historic!

    This Ontario gem with waterfront towns and beaches is one of Canada's 'best' spots to live

    It has "large" homes "priced much lower" than major Canadian cities.

    Lotto Max winning numbers for Tuesday, September 2 are out and there's a $40 million jackpot

    It's time to check your tickets!

    Canadians say they don't buy these grocery items anymore because prices are too expensive

    "I've cut back on everything."

    New data reveals the 'most peaceful' places to live and Canadian towns demolished US ones

    Five Canadian towns were named the most serene on the continent. 🍁