While a “starter home” used to mean a smaller abode with a roughly $200K price tag, the concept has taken on a more literal definition in today’s pricey real estate market. realestate realestatenews housingmarket starterhome
Amidst soaring home prices and rising mortgage rates, renters in the majority of Canada’s largest cities can’t afford to buy a starter home where they currently live.
Point2Homes also calculated the minimum income required to afford the monthly mortgage payments on a starter home, assuming a 5.75%, 25-year fixed-rate mortgage and a 20% down payment. The calculation also considered that monthly payments should not exceed 30% of a household’s income. The greatest gap was found in Richmond Hill — renters earn an average of $70,422, but need to make $169,749 to buy a starter home. Similar discrepancies can be seen in Oakville, Markham, and Vaughan, where renters earn between 56% and 58% less than the income required for an entry-level home.
Renters in Edmonton earn an average of $70,573, nearly on-par with those in Richmond Hill. But, unlike their Ontarian peers, residents of Alberta’s capital city only need to make $46,483 to afford a starter home. In Regina, Calgary, Edmonton, Saskatoon, and Winnipeg, renters earn the minimum income or higher, starter homes are reasonably priced, and the market has a high share of entry-level properties.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Calgary renters fight eviction blamed on fire that gutted part of apartment - Calgary | Globalnews.caA Calgary renter is part of a group fighting an eviction notice by the property management company following a fire at one of its apartments.
Read more »
'Crisis level' of B.C. renters spending more than half their income on rent and utilitiesBritish Columbia now has the highest share of renters spending more than half of their income on rent and utilities in Canada.
Read more »
B.C. renters spending 'crisis' amounts on rent and utilities, says housing indexSixteen per cent of renters in B.C. spent more than 50 per cent of their before-tax income on rent and utilities between 2016 and 2021.
Read more »
Possible snowfall expected on B.C. Interior highways: Environment CanadaKELOWNA, B.C. — After a month of above-normal temperatures across British Columbia, Environment Canada is warning about possible snowfall on the province's southwest Interior highways.
Read more »
Review: ‘Exhilarating’ performance of Romeo and Juliet at the National Ballet of CanadaIn the arms of this masked man, Juliet doesn’t just discover young love – she discovers she loves to dance
Read more »
Possible snowfall expected on B.C. Interior highways: Environment CanadaAfter a month of above-normal temperatures across B.C., Environment Canada is warning about possible snowfall on southwest Interior highways.
Read more »