It Takes 25 Years To Save For A Down Payment On A Toronto House

in Toronto improved at the start of 2023. However, it still takes roughly 25 years to save for a down payment in the city., the mortgage payment as a percentage of income in the Greater Toronto Area dropped 4.6 percentage points to 82.8% in Q1 2023. Despite the improvement, the measurement remained “well-above” the region’s historical average of 51.4%, and was still up 7.5 percentage points on an annual basis.

The non-condo segment, which includes single-detached and semi-detached homes, saw the greatest improvement in affordability in Q1 2023, with the MPPI dropping five percentage points to 84.7%. Within the condo segment, the measurement declined 2.1 percentage points to 50.6%. Based on National Bank’s assumption that a household devotes 32% of its pre-tax earnings to mortgage payments, an annual income of $236,221 is required to afford such a home. According toThose who do earn the qualifying salary would need to save 10% of their income for 304 months, or 25.3 years, to afford the 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.
Source: CTVToronto - 🏆 9. / 84 Read more »

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.
Source: CP24 - 🏆 30. / 67 Read more »