We all know that the 6ix is one of the least affordable places to live in and apparently Toronto's real estate is even expensive for those making six figures each year, too.
The National Bank of Canada recently dropped its Housing Affordability Monitor report for the last quarter, and it is looking bleak for those hoping to buy in Toronto. This report considers two major hurdles future homeowners face when looking for a place: how much they have to save for the downpayment, and the monthly mortgage payments they'll have to make when they buy that home.
In the breakdown of how affordable it is to live in Canadian cities across the country, the average household income you would need to make in order to buy a house in the 6ix racks up to be $205,342.
Taking in how much you would need to save for a downpayment, the bank estimates that you would be saving for 330 months or 27.5 years in order to land a house that costs $1,195,754 on the market. And, that's just by setting aside 10% of your salary each year.
Buying a condo in Toronto is, by comparison, a more realistic goal for prospective homebuyers. With the representative condo price in the city costing $669,593, those making $134,726 a year can eventually buy-in after 58 months (nearly 5 years) of saving.
While it is frickin' expensive to buy a place in Toronto, Vancouver is far worse off. Anyone making $267,641 each year and looking to buy a house in Vancouver will be saving for 36 years (or 432 months) before buying a house in this West Coast city. Yikes.
Quebec City has the most affordable housing market, as those making just under $70K each year will only be saving for 28 months (just under two-and-a-half years) before they can land a home that costs $339,134.
This article’s cover image was used for illustrative purposes only.
Toronto's Real Estate Is So Pricy That You'll Need To Save For Over 27 Years To Buy A Home
Source: News Article Viral
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