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You Now Need a $100k Income to Buy a Condo in Toronto

Posted onJune 13/2018By

If you want to buy a typically sized condominium in Toronto, you need to have at least $100,000 in annual income. A year ago at this time, you only needed to make $77,000 annually. Where has this change come from, and what does it mean for the market at large? These are the quick facts: The rents for condos have gone up 10.7% over the past year because fewer people are buying homes One-third of potential buyers have given up looking and resigned themselves to renting There might be a light at the end of the tunnel for potential home buyers The Overall Situation If growth continues at this rate, it might be impossible for the middle or lower classes to own a home in Toronto. Home ownership will become a privilege reserved exclusively for the very wealthy. If homeowners only needed $77,000 to own a home last year, and…

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