Affording a home in Toronto and the Greater Toronto Area (GTA) requires a significant household income. Here are the numbers based on January 2024's benchmark home prices from the Toronto Regional Real Estate Board (TRREB):
Income Required by Property Type in the GTA:
- Single-family detached: $1,360,400 home price needs a $269,000 income with a $6,485 monthly mortgage.
- Single-family attached: $1,043,700 home price needs a $208,000 income with a $4,976 monthly mortgage.
- Townhouse: $795,000 home price needs a $157,000 income with a $3,790 monthly mortgage.
- Apartment/condo: $682,600 home price needs a $137,000 income with a $3,254 monthly mortgage.
Income Required by City in the GTA:
The table below shows the income needed for an average property in various GTA cities:
| City | Benchmark Home Price | Household Income Needed | Monthly Mortgage Payment |
| --- | --- | --- | --- |
| Ajax | $967,600 | $193,000 | $4,613 |
| Aurora | $1,321,200 | $262,000 | $6,299 |
| Brampton | $999,200 | $199,000 | $4,764 |
| Markham | $1,300,600 | $258,000 | $6,200 |
| Mississauga | $1,002,000 | $199,000 | $4,777 |
| Oakville | $1,285,800 | $255,000 | $6,130 |
| Richmond Hill | $1,404,200 | $278,000 | $6,694 |
| Toronto | $1,026,703 | $205,341 (minimum down payment) | N/A |
In 2021, the average Canadian income was $54,000. To afford a detached home in the GTA, you'd need over four times this income. The Toronto real estate market continues to pose a substantial financial challenge for buyers.
These figures are based on benchmark prices and average incomes; individual circumstances will differ. Prospective homebuyers should consult with a real estate broker/salesperson who is knowledgeable about the current market, experienced, skilled in negotiation, communicative, empathetic, and well-informed.
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