Torontonians need to save for about 25 years to buy a house in the city: report

t for the first quarter of 2023, where it analyzed the condo market, as well as other dwellings and the real estate market as a whole in 10 major cities across Canada.

The report also looks at the monthly mortgage payment, assuming a 25-year amortization period and a five-year term. In the Greater Toronto Area , the first quarter of 2023 saw a second improvement in affordability after nine straight quarters of deterioration. A household needs to make over $236,000 a year to afford the "representative home" in Toronto, which sits on the market at $1,163,670. With that salary, the report calculated it will take 304 months – roughly 25 years – of saving for the required down payment.

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Torontonians need to save for about 25 years to buy a house in the city: reportIt will take Torontonians who make over $236,000 per year about 25 years to save for a down payment on a house, according to a new housing affordability report. But, the report also notes the real estate market is seeing improvement in affordability.
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