Toronto Housing Affordability

Toronto Mortgages

In Toronto, a single-family house ownership costs take up 93.8% of a typical household’s pre-tax income. RBC reported that in the Toronto area, home resales are setting yet new record highs and prices continuing to rise at accelerating rates.

Toronto Area Housing Affordability
Type Price Affordability*
Single-family detached $1,081,300 93.8%
Condominium apartment $475,800 43.4%
Source: RBC. Q3 2017

*The RBC Housing Affordability Measures show the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities based on the median market price for single-family detached homes and condo apartments. The higher the measure, the more difficult it is to afford a home.

The affordability measures are based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, and are estimated on a quarterly basis for 14 major urban markets in Canada and a national composite.

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