Here's how much money you need to make per year to afford a house in Toronto Toronto RealEstate
across all property types) has gone from difficult to nearly impossible for many buyers on account of interest rate hikes over the past year, according to RBC economistIt has never been harder financially to buy a home in Canada as it is right now, according to economists. Image via RBC Economics.
And in the Greater Toronto Area? You'll now need to make at least $240,000 per year to get a mortgage on an average-priced home — much more if you're looking in the 416, where the average price for a detached, single-family house is now aroundThis marks a 29 per cent increase over the previous year, which may explain, at least in part, why home sales have dropped so drastically
"It's never been so unaffordable to buy a home in this country. Further interest rate increases propelled RBC's aggregate measures to yet new record highs nationally and in Victoria, Vancouver, Toronto, Ottawa and Halifax in the third quarter. ," reads the report. "We think that could start in the early part of 2023—though the timing is poised to vary by market. Growing household income will partly drive the improvement process. It will likely take years to fully reverse the tremendous deterioration that took place since 2021."
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