Housing Affordability And The Toronto Real Estate Market
For the last little while, many of the articles about the Toronto real estate market and other large real estate markets across Canada, such as Vancouver, have been nothing but doom-and-gloom. With all of these experts telling you the opposite, it may be hard to be optimistic about the Toronto real estate market if you are planning on buying a home this year. But it really isn’t all doom-and-gloom – at all.
Buying a home in Toronto is not out of reach for most people.
The way we look at housing affordability is skewed unfairly by several different statistics in Canada, especially in larger markets like the Toronto real estate market. Larger markets like these can see luxury home sales push up the average home prices unfairly making many people – especially renters – feel that they’ll never be able to own a home or condo.
In reality, monthly mortgage payments as well as other housing related costs (including condo fees) could cost less than your current monthly rent. For a great report on how much home ownership actually costs in some of Canada’s largest cities, including Toronto, visit this link here. You might be surprised – according to the report, the annual income in Toronto that is required to purchase an inexpensive home is only $38,585.
For more information on how average price statistics need to be taken with a grain of salt, check out this interesting and well-written post on the All About Cities blog by Wendy Waters.
Housing Affordability And The Toronto Real Estate Market is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale