Toronto's incomes remain far below what’s needed for home purchases

Living up to its reputation as one of the country’s hottest housing destinations, Toronto requires $107,111 in household income to purchase a home on the average price point of $785,223, according to a new analysis of data from Ontario’s real estate boards by information portal Zoocasa.

This means that median household earners with incomes of $65,829 will find themselves needing $41,282 more to complete their purchase, placing the city as the second least affordable market in Ontario as of last month.

Richmond Hill took the top spot as the province’s least affordable market in August. Median earners with incomes of $88,535 would be $47,962 short in a purchase of an average home priced at $999,311.

Read more: Demand for Toronto’s townhouses loses pace in September

Zoocasa identified Ontario’s other top unaffordable cities as follows:

Vaughan
Average Home Price: $997,587

Required Income: $136,079

Median Income: $105,351

Income Gap: $30,728

Markham
Average Home Price: $875,182

Required Income: $119,382

Median Income: $89,028

Income Gap: $30,354

Oakville
Average Home Price: $1,030,482

Required Income: $140,567

Median Income: $113,666

Income Gap: $26,901

 

Related stories:
Toronto and Vancouver investors, take heed
Toronto’s recent price slowdown might have impelled higher vacancy

 

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