- Aug 6, 2012
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Toronto is on the brink there is no question. Ontario as a whole is already in sharp decline to becoming a second class jurisdiction, civil liberties don't even exist here.
Why did America follow our path?
www.thestar.com
As Toronto real estate prices continue to surge, homebuyers in the city now need to boost their annual income by an additional $7,200 a year to afford an average property, according to new data from Ratehub.ca.
Affordability worsened in June across all 10 major cities in Canada in the regions the report analyzed using month-over-month real estate data, including in Toronto, Hamilton, Vancouver and Ottawa.
o buy a home in Vancouver, residents would need to make $8,850 more in additional annual income.
Due to rapidly rising interest rates, higher mortgage stress tests and home prices, as of June, Torontonians need to earn an annual income of $229,800, up from $222,600 in May, to buy the average-price home in the city, with those in Vancouver needing to make $235,650 annually, up from $226,800 a month before.
“The reality of living in Toronto now is that if you’re going to buy a home here you’ll need a partner,” said Ratehub.ca co-CEO James Laird “whereas many, many years ago you would have maybe been able to buy a house on your own.”
Why did America follow our path?
In just one month, the income required to buy an average home in Toronto has jumped by $7,200
As of June, Torontonians need to earn an annual income of $229,800, up from $222,600 in May, to buy an average-priced house in the city.
www.thestar.com
As Toronto real estate prices continue to surge, homebuyers in the city now need to boost their annual income by an additional $7,200 a year to afford an average property, according to new data from Ratehub.ca.
Affordability worsened in June across all 10 major cities in Canada in the regions the report analyzed using month-over-month real estate data, including in Toronto, Hamilton, Vancouver and Ottawa.
o buy a home in Vancouver, residents would need to make $8,850 more in additional annual income.
Due to rapidly rising interest rates, higher mortgage stress tests and home prices, as of June, Torontonians need to earn an annual income of $229,800, up from $222,600 in May, to buy the average-price home in the city, with those in Vancouver needing to make $235,650 annually, up from $226,800 a month before.
“The reality of living in Toronto now is that if you’re going to buy a home here you’ll need a partner,” said Ratehub.ca co-CEO James Laird “whereas many, many years ago you would have maybe been able to buy a house on your own.”
