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.
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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
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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