toronto houses

Houses in Toronto becoming even more unaffordable

Today, RBC released its latest Housing Affordability Report and unsurprisingly, single family homes in Toronto are wildly unattainable for many people.

BNN reports that the housing markets in both Toronto and Vancouver are becoming increasingly unaffordable, at least for those looking to purchase a detached home. Condos, on the other hand, are a more viable option for many would-be buyers.

According to an RBC news release, this affordability measure "captures the proportion of pre-tax household income required to service the cost of owning a specific category of home at current market value."

As CBC writes, for instance, "It takes 71.4 per cent of the average household income to afford the cost of a single family home in Toronto."

Last May, the average price for a detached home in Toronto surpassed the $1 million mark.

Photo by Lunatic Desire in the blogTO Flickr pool.


Join the conversation Load comments

Latest in City

Ontario stops use of AstraZeneca vaccine due to increasing reports of VITT

Yonge-Dundas Square just got some dystopian new billboards about unlawful gatherings

Ontario's biggest transit projects are now one step closer to becoming reality

It'll feel like summer in Toronto this weekend as temperatures soar to 20 C

Ontario police charge four people in a car together for not living in the same household

Toronto police just pulled a car out of Humber Bay that was stolen 25 years ago

Police bust LCBO thieves with $115K of stolen booze and perfume in Mississauga

One of Toronto Zoo's miracle cubs has died