While there are many banks and apps with calculators assisting you with how much home you can afford, the markets have been flip-flopping quickly and numbers may be confusing to some. A prime example of this type of calculator is here on the RBC page.: https://apps.royalbank.com/
But at a glance...how much would you truly need to make yearly in order to buy a home in the GTA?
According to https://www.nbc.ca/ the household income needed to buy a home at the median price of $1,328,277 in Toronto is $228,100 and the same household income to buy a condo priced at $720,929 is $144,644 per year.
These numbers are reflective of the markets in May 2022.
Do you have questions about these numbers and want to know how I can help you find your dream home?
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