It'll take years of saving, too. 👀
If you are looking to buy a place in Toronto, we hope you're making the big bucks because it is not cheap to buy in the city.
The National Bank of Canada dropped its housing affordability monitor for the first quarter of 2022, and outside of it being the "worst decline for housing affordability in a generation" across the country, it also showed what the real estate market is like for homebuyers in Toronto (and yes, it's brutal).
According to the report, the first few months of this year showed the hugest spike in unaffordability in the 6ix in the last 28 years since 1994. Yikes.
"The deterioration was in part attributable to the increase in home prices, which grew 22.7% annually and 7.2% during the quarter," the report reads.
So, what does this mean for those looking to buy a home in Toronto? Well, according to NBC, it means prospective homebuyers will need to be raking in at least six figures with their yearly incomes to afford a house.
Anyone who is looking to buy a condo in the 6ix should have a household income of $144,644 to afford the representative condo on the market, which costs an average of $720,929. Sheesh.
To buy a house your household will need to be making at least $80,000 more to a grand total of $228,100 in order to land your dream home (which comes out to be an eye-watering $1,328,277 on average in the current market).
The national bank also broke down how many months it'll take homebuyers (making that kind of money) to have enough saved to make their down payment too, and it'll take a while.
Those who want to buy a condo will have to save for 64 months if they set aside 10% of their income, while it'll take almost 300 months more for those who want to buy a house.
So, who's ready to save for more than 30 years to land their dream homes in the 6ix?
This article's right-hand cover image was used for illustrative purposes only.
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