BRAUN: Home ownership in Toronto still a pipe dream for many Via LizBraunSun
The prediction is that prices will level out later this year — provided the Bank of Canada is finished raising interest rates.
Hogue’s report states: “The sharp deterioration in housing affordability since 2021 won’t unwind quickly. Buyers will continue to face steep challenges, especially in B.C., Ontario and other expensive markets where ownership costs have ballooned during the pandemic.”.In Toronto, where a tiny, semi-detached starter house needing renovation is still a $1 million, a buyer needs to earn at least $240,000 a year to get a mortgage.ar over year.
“Right now, it’s impossible to buy anything unless you’re earning $150,000 or more,” said the specialist.The truth is, you will probably need two good salaries to make this work, “and anyone who wants to buy in the same community where he or she grew up will need help from their parents.” A condo may be cheaper than a house, but pre-qualifying for a condo mortgage is actually trickier, because maintenance fees are an unknown — $400 monthly? $1,200? — until you find the condo of your dreams.“There’s no such thing as an easy deal any longer. It does not exist.
“We’re headed into stagnation. People should get used to a 5% rate. As a rule of thumb, mortgage payments will cost you $6 for every $1,000.”When the market starts to pick up after March break, the specialist hopes everyone will remember the three main rules of real estate: location, location, location.
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