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.
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