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You Now Need $100,000 In Income To Buy A Typical Condo In Toronto
Condo towers near Toronto's downtown core. The income needed to qualify for a mortgage on an average-priced condo in Toronto has now reached $100,000, according to Urbanation.
- Condo rents up 10.7 per cent as fewer buy homes
- One-third of would-be buyers have exited the market
- Some relief ahead for homebuyers, Urbanation predicts
If this keeps up, home ownership in Toronto could soon be solely for the wealthy.
The income needed to qualify for a mortgage on an average Greater Toronto Area condo has soared by nearly a third over the past year, according to a new report, and it's due to both rising prices and tougher new mortgage rules.
Homebuyers needed an income of at least $100,000 to qualify for a mortgage on an average-priced condo in the first quarter of this year, according to numbers released Wednesday by real estate consultancy Urbanation.
