Toronto is now so unaffordable that charities are helping people with six figure incomes Toronto
Toronto has become so overpriced to live in that even people who are earning what most would consider a decent salary are unable to afford the cost of living here — especially when it comes to the dream of purchasing a house.
Habitat for Humanity, the Canadian non-profit organization that helps those in need secure a home of their own, has found more and more people of higher incomes qualifying for its affordable home ownership model, which promises fewer barriers for individuals who wouldn't be able to get a mortgage otherwise.
One key barrier is the sheer cost of mortgage payments and property taxes, which the charity keeps low, at or below 30 per cent of a household's gross income for those it helps. Homes through Habitat for Humanity also don't require a down payment. But, given the currently high interest rates and ridiculous real estate prices in cities like Toronto, households bringing in $100,000 per year are now turning to the organization for help.
I read that Habitat For Humanity has had to raise the ceiling of eligibility in some cases to >100K as homeownership becomes more unobtainable for Canadians.
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