You Need To Make Almost $200K A Year To Afford A Home In Toronto So Good Luck
Housing in Toronto has become less affordable in 2021, says a report.
It might be time to ask your boss for a raise if you're looking to become a property owner this year.
A report by the National Bank Of Canada just revealed the price of a representative home in the metropolitan market in Toronto is $1,146,667, and to afford that, your household needs to make an annual income of $193,913.
However, if you're thinking about just buying a condo instead, the prices don't get much better.
The study found the representative price of a condo in Toronto to be $652,308. To be able to afford that, your household would need to make an annual income of $131,387.
Housing in Toronto has become more expensive "in the second quarter of 2021," as "both dwelling segments saw a deterioration in affordability," reads the report.
"This deterioration was mostly attributable to higher home prices, as condo prices swelled 5.0%, while non-condo prices sprang 7.1%."
Housing of all types has seen a quarterly price growth of 6.9%, which is the highest quarterly growth since the last quarter of 2016.
Annually, homes in the city have become 16% more expensive, while the median household income has only risen 0.9%, according to the report.
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