Recent studies suggest that in order to be able to afford a home in the GTA, most households require annual earnings greater than $100,000.

An article in The Toronto Star’s August 12, 2016 issue reports that out of 22 areas in the GTA, only three were below the $100,000 household income threshold. Here is a list of the areas with average homes prices and required incomes:

AREA AVERAGE HOME PRICE REQUIRED INCOME
King

$1,208,094.00

$205,525.00

Richmond Hill

$1,066,569.00

$179,551.00

Oakville

$995,666.00

$168,871.00

Markham

$960,118.00

$161,662.00

Aurora

$941,068.00

$162,741.00

Vaughan

$921,715.00

$156,731.00

Whitchurch-Stoouffville

$920,463.00

$157,688.00

Caledonia

$768,988.00

$136,641.00

Newmarket

$761,080.00

$134,605.00

East Gwillimbury

$753,054.00

$132,365.00

Toronto

$736,932.00

$124,126.00

Uxbridge

$729,755.00

$134,712.00

Burlington

$678,401.00

$118,893.00

Milton

$629,536.00

$108,246.00

Mississauga

$620,606.00

$109,560.00

Pickering

$599,267.00

$113,595.00

Whitby

$574,506.00

$109,671.00

Brampton

$570,380.00

$105,743.00

Ajax

$568,342.00

$108,207.00

Clarington

$459,464.00

$90,141.00

Oshawa

$427,790.00

$87,801.00

Brock

$373,269.00

$76,057.00

For a copy of the full article please click here.

 

Advertisements