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

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

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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$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. 

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Patrick John Gilson
Toronto Staff Writer
Patrick John Gilson is a Staff Writer for Narcity Canada’s Ontario Desk focused on Ontario gas prices and is based in Toronto, Ontario.
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