New Report Confirms You Won't Own A GTA Home Until You Make 6-Figures
If you're like me, you once dreamed of owning a home in your childhood neighbourhood. Maybe your favourite with red brick, white pillars and a wrap around porch. Or a huge garden and a in-ground pool. This is usually the image kids grow up thinking about - what to expect when they grow up. Who they'll be and where they'll live.
Well according to these news stats from RedPin, we can kiss home ownership goodbye - at least, for a very very long time. Two separated real estate companies conducted their own studies to conclude that millennials will need to rake in some serious cash before ever owning a pair of house keys. The average cost of a detached home in Toronto is a cringe-worthy $1.15 million, meaning that you and your partner would have to be bringing in $200,000 to call the place your own.
And hey, maybe you don't want a house. You shrug, a condo's more your style. Well, the condo market isn't all that great either. The average cost of a GTA condo apartment is a whopping $511,000 - requiring an annual income on $92,925 to afford a monthly mortgage, taxes, utilities and condo fees.
Semi-detatched or attached homes are a little less pricey at $864,228, but still require a yearly salary of $147,750. Actually, RedPin reports reveal that in order to buy a house in 22 of Toronto's municipalities, you have to at least be bringing in $150,000 - which isn't chump change at all.
So yeah, buy that avocado toast. Looks like home-ownership is a luxury we can't afford right now. But $1 extra for guac? Definitely in the budget.