How much do I need to earn to buy a home in Toronto?
These numbers may shock you!
Many of those who have moved and settled in another country soon begin to think about buying their own home. In addition to other advantages, it is also profitable as the mortgage payment is often about the same as the cost of rent, and you will own the house.
However, real estate in Canada is not cheap and the situation is complicated because the Bank of Canada has recently raised its key interest rate several times. So even though the average real estate price has fallen by CAN$ 178,000 over the past year, housing has not become more affordable.
The online service Ratehub.ca collected and analyzed data from the Canadian Real Estate Association to find out how much you need to earn per year to buy a home in Toronto, the largest city where many are looking to move.
According to the results, those wishing to purchase real estate need an income of more than $200,000 CAD per year. That's an increase of CAN$ 7,620 from January 2022.
The only major city where housing has become more affordable in the last year is Hamilton. Prices there have fallen by more than CAN$200,000. If you consider a 25-year mortgage with a 20% down payment, you have to make CAN$ 159,000 a year in Hamilton to afford the purchase.
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