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:
Average Home Price: $997,587
Required Income: $136,079
Median Income: $105,351
Income Gap: $30,728
Average Home Price: $875,182
Required Income: $119,382
Median Income: $89,028
Income Gap: $30,354
Average Home Price: $1,030,482
Required Income: $140,567
Median Income: $113,666
Income Gap: $26,901
Toronto and Vancouver investors, take heed
Toronto’s recent price slowdown might have impelled higher vacancy
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