While a “starter home” used to mean a smaller abode with a roughly $200K price tag, the concept has taken on a more literal definition in today’s pricey real estate market. realestate realestatenews housingmarket starterhome
Amidst soaring home prices and rising mortgage rates, renters in the majority of Canada’s largest cities can’t afford to buy a starter home where they currently live.
Point2Homes also calculated the minimum income required to afford the monthly mortgage payments on a starter home, assuming a 5.75%, 25-year fixed-rate mortgage and a 20% down payment. The calculation also considered that monthly payments should not exceed 30% of a household’s income. The greatest gap was found in Richmond Hill — renters earn an average of $70,422, but need to make $169,749 to buy a starter home. Similar discrepancies can be seen in Oakville, Markham, and Vaughan, where renters earn between 56% and 58% less than the income required for an entry-level home.
Renters in Edmonton earn an average of $70,573, nearly on-par with those in Richmond Hill. But, unlike their Ontarian peers, residents of Alberta’s capital city only need to make $46,483 to afford a starter home. In Regina, Calgary, Edmonton, Saskatoon, and Winnipeg, renters earn the minimum income or higher, starter homes are reasonably priced, and the market has a high share of entry-level properties.
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