Take home a typical salary in Toronto? Good luck buying a home.
Real estate firm TheRedpin has calculated that you need to be making at least six figures or very close to so that it is in a position to afford the average price for everything from a flat to some single-detached home within the city.
Of course, various kinds of housing require different incomes. Take a look at TheRedPin's breakdown below.
Annual income needed: $92,925
The average condo in the city costs, $511,112. At current interest rates, this is a payment per month of $1,933
Annual income needed: $104,720
The average condo townhouse costs $575,722, which means your monthly obligations will be at $2,176.
Annual income needed: $131,400
Average prices for freehold townhouses have hit $734,029, meaning you'll be spending $2,776 per month to afford one.
Annual income needed: $143,550
This year the cost for an average freehold townhouse has risen to $807,532. Which means monthly payments cost $3,054.
Annual income needed: $200,663
A detached house in Toronto averages $1.15 million. Which means you will be paying $4,349 per month for the mortgage.
If these salaries shock you, it is because the majority of people in Toronto aren't anywhere close to earning that kind of money. According to Statistics Canada, the median annual income for a family in the Gta was $72,830 by 2021.
Another report out Thursday discovered that many young adults want to buy homes in Toronto, particularly single-detached homes, but they expect they won't have the ability to afford them because of sky-high prices.
The report from Royal LePage finds that 59% of aged 25 to 30 want to buy a detached home in Ontario within the next five years, only one third believe they'll be able to afford one.