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