What is the minimum income to buy a house in Toronto? What is the average salary to purchase a home? The best customer rated real estate agents in Toronto
Sunday May 21st, 2023
🌷 Spring & Summer are ideal seasons for moving. And for those who are getting prequalified for a mortgage, or thinking of transitioning from renting to purchasing, it can be helpful to understand the minimum annual income to purchase a home 🏡
Ratehub produced a great chart highlighting the average cost of a home in major Canadian cities and what the minimum annual income would be to purchase that home 📈
Toronto comes in as the second most expensive city in Canada with the average home price requiring a minimum annual income of about $217,000. On the other end of the spectrum, Winnipeg is the most affordable major city with an average annual income of $75,650 allowing those to get into the housing market and carry the cost of the property 💡 Keep in mind that co-owning a house with two or more individuals can help obtain the mortgage pre-approval needed to get into the market.
Questions about purchasing a home or expanding your real estate portfolio?