Are you interested in buying a home in Toronto? If so, you’ll need to be among the top bracket of income earners, according to a recent report by Zoocasa.
The report states that only the top 10% of income earners can afford to purchase a house in Toronto, at a benchmark price of $873,100. This means that someone would have to obtain an income of $124,554 in order to afford a home of this price.
Toronto is one of the most expensive places to live in all of Canada, second only to Vancouver. To buy a house there, residents are required to have an income of $205,475, which is among the top 2.5% of income earners. Homes are out of reach for nearly everyone residing in this coastal seaport city. These dramatic real estate prices can be attributed to the ever-increasing population densities in both Vancouver and Toronto.