Toronto is the most unaffordable city in North America
The average household income in Toronto is like 80k
only 10% of workers in Toronto have total income over $100,000 and only 5% have after-tax income over $100,000.
The average GTA condo is currently selling for $669,000
you need a salary of 120k and a down payment of around 80 to qualify for a mortgage for that
It’s easy for homeowners and those who bought years ago to talk because they have equity in properties and make out like a bandit when they sell for everyone else you’re screwed
Not really. You have to compare apples to apples. In other major city in the world, you need to have money to buy a home. It's only in Toronto where everyone feels they're above renting. There's this need to buy an expensive, unaffordable home here rather than rent. Why is that?
I've also heard the story about how easy it is for those of us who bought years ago. Well, my mom bought her first house for $200K. If I wanted to buy that house today it's well over $1M. We all face these issues and I've been telling people to buy condos for YEARS on here while they skinned up their faces because they were above buying a shoebox. Well, there are certain steps one must take to home ownership if you're not wealthy. Buying property at the low end of the housing ladder is a good option. Folk didn't want to do that.
If I was in a situation where I as making $80K didn't want a condo, I'd move. Folk act like they're being held here against their will and told they must buy a house. People could have bought 3 years ago and be doing well right now. The "yall bought early" shyt is nonsense....there was also a drop in condo prices during the pandemic. Condos dropped 10-15% the same folk complaining didn't buy. Houses in Durham region were CHEAP just 2 years ago. Same folk complaining did nothing.
So I get it that folk feel they should be able to buy any home they want, but the oportunities were there and yea home ownership in a world class city means you need to make bank. Whether it's right or wrong is a different discussion. But folk eat up all that liberal bullshyt and then question why they are where they are. We printed all kinds of money to help all the people in need...many skipping out on paying rent... All that money went to helping struggling businesses, helping students, etc. This is the COST of that..and when those of us said that we needed to chill on that shyt, we were criticized. Everything that has happened with housing is what I predicted. Today if you want to get into real estate you really have to study it.
Yall too fixated on "averages" You can easily find a GTA condo less than $700K.
Compare Toronto to other top cities. Compare us to New York, Boston, LA, Vancouver in North America. Stockholm, London, etc. Americans aren't comparing stats in NYC to Oshawa.
, and im sure once the lrt is completed they will go up
What part of Detroit you in??
looks like he has a bright future ahead of him...
