A down payment on a Toronto house should take 24 years to accumulate
A National Bank report suggests you need to make $178,499 annually and save for 289 months to accumulate the down payment By NOW Staff
Samuel Engelking
The average Canadian would have to save for 24 years to afford a down payment on a house in the Toronto real estate market. That, according to a National Bank report, assumes a household annual income of $178,499.
The National Bank report, Housing Affordability Monitor, pegs the price tag for an average non-condo home in the Toronto real estate market at $1,039,438 – or 30.5 per cent above the national average. The report assumes that a household earning the necessary six figure salary would have to save for 289 months at 10 per cent rate in order to accumulate a six per cent down payment.
Anticipation of pandemic s demise fuels resurgence in Toronto condo market alaskahighwaynews.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from alaskahighwaynews.ca Daily Mail and Mail on Sunday newspapers.
Anticipation of COVID s demise refuels Toronto condo market
The Canadian Press VIDEO SIGN OUT
When Sajeela Siddiqui planned to buy her first home during a pandemic, she looked to move outside of the Greater Toronto Area like so many others in search of more space.
But after seeing a bloated market in cities as far as Waterloo, Ont., and Barrie, Ont., she decided to stay within her budget and look for a two-bedroom condo in downtown Toronto.
But even in Toronto, where the condo market had cooled during the pandemic, the search has been anything but easy. Analysts and realtors say low interest rates and a light at the end of the COVID-19 tunnel is driving up demand for condos in the city.
Winnipeg Free Press By: The Canadian Press
When Sajeela Siddiqui planned to buy her first home during a pandemic, she looked to move outside of the Greater Toronto Area like so many others in search of more space.
When Sajeela Siddiqui planned to buy her first home during a pandemic, she looked to move outside of the Greater Toronto Area like so many others in search of more space.
But after seeing a bloated market in cities as far as Waterloo, Ont., and Barrie, Ont., she decided to stay within her budget and look for a two-bedroom condo in downtown Toronto.
Toronto s condo market sees a resurgence as buyers eye an eventual end to the pandemic theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.