House hunters looking to buy a home in Toronto need to make over $200,000 per year to crack into the market, according to new housing data.
, an online mortgage brokerage service, looked at data reported by the Canadian Real Estate Association and compared the required income needed to buy a property in 10 major cities across the country – including Toronto and Hamilton – from January of 2022 to January 2023.
The report notes that while Toronto is known for having one of the priciest housing markets in the country, the city came seventh in terms of worsening affordability. The Bank of Canada has been steadily raising key interest rates since March 2022, causing strain on prospective homebuyers in qualifying for a mortgage given how high borrowing and stress test rates are, the report notes.
As a result, the minimum income required to buy a home in the city – based on a 20 per cent down payment for a mortgage with a 25-year amortization period – decreased by $4,350, with prospective homebuyers needing to make at least $159,100 per year in 2023.
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