The bottom 75% of Canadian income earners can't afford an apartment
If you’re hoping to buy a home in one of Canada’s biggest cities, you’re probably out of luck unless you’re making really big bucks.
New data from Zoocasa show you need to be among the country’s top 10 per cent of earners to afford Toronto’s $873,100 benchmark price. Only 2.5 per cent can swing Vancouver’s $1,441,000 price tag.
The study looked at the minimum income required to qualify for a 30 year, 3.75 per cent mortgage with a 20 per cent down payment in 13 pockets across the country. The findings were cross-referenced with income tax filings from Statistics Canada.
No comments:
Post a Comment