Blogs

You now need to make approximately $214k per year to afford an average home in Toronto

Mar 23, 2024 | Community News

March 23, 2024

A recent study by Ratehub.ca sheds light on the income required for home ownership across various Canadian cities as of February 2024, illustrating the financial hurdles faced by potential buyers.

In Toronto, where the average home price sits at $1,093,900, individuals need an annual income of around $214,100 to afford a home, marking a $3,800 increase in just one month and highlighting the rapid rise in housing costs.

The Golden Horseshoe region of Ontario, encompassing Toronto and Hamilton, experienced significant jumps in the income needed to purchase a home. Vancouver also saw a notable increase in required income, reflecting the nationwide trend of soaring home prices.

With the national housing market displaying heightened activity and nearly a 20% year-over-year surge in sales as of February, the challenge of affording a home is expected to worsen. While there is optimism regarding potential interest rate cuts later in 2024, immediate obstacles to home ownership persist.

Did you like this article?

Did you like this article?

0 Comments

Latest Posts

Canada’s average rent drops to 18-month low

Rental prices across Canada have dropped to an 18-month low, with January's average monthly rent at $2,100, marking a 4.4% annual decline. The decrease is driven by economic risks, declining international population inflows, and a surge in apartment completions. Key...

Trump discusses Canada becoming 51st state in Super Bowl interview

Former President Donald Trump expressed a serious interest in annexing Canada as the 51st U.S. state during a Super Bowl preshow interview. He claimed the U.S. loses $200 billion annually in trade with Canada, although this figure inaccurately reflects typical trade...

Events

Related articles