To buy a property in Toronto right now, you'll need to earn the following amount every year.

The housing market in Canada continues to be a cause of concern for many, with a recent poll finding that an overwhelming majority of respondents fear they would not be able to purchase their own homes.

According to a poll done by Counsel Public Affairs from January 21-23, 83% of eligible Ontario voters are either very concerned or somewhat concerned about the cost of housing in their neighborhood.

The younger generations have been fed for years is false, as we all know: Sure, with the right talent, education, and work ethic, you can make a lot of money in big cities, but with the current “crazy seller market” very few people under 40 can actually buy a home in Toronto without some serious family support.

According to the National Bank of Canada's (NBC) latest Housing Affordability Monitor, an "average" house (now priced at $1,234,597) in Toronto during the third quarter of 2022 would require an annual household income of at least $212,013

Those who want to buy Condo, currently require a household income of $137,145, according to the bank. A 10% down payment would take 58 months (approximately 4.4 years) for someone making that wage (or a couple earning that combined earnings).

However, If you go to the north you can still find single-family and townhouses under million, check the link for houses from Vaughan to Newmarket.

It is unfair not to mention the fact that, despite all the benefits of city life in Toronto, more and more individuals want to start new lives in more affordable locations (decide to go to the north)— and we can't blame the 50% of individuals under 40 who have completely given up on owning a home in Toronto. A Statistics Canada report published in mid-January revealed that people were moving to the suburbs in Toronto and Montreal in unprecedented numbers. “Urban sprawl continues, with Toronto and Montreal both experiencing record-high population losses to surrounding areas,” the report said. Basically, instead of buying an old single-family in Toronto, you can buy a great new house in Innisfil for 1.6m$, or instead of Condo in Toronto, you can buy a Cozy House with access to Private Beach for 750,000$.

It is a proven fact that investing in Toronto real estate is a wise move, as exaggerated and crazy as it may seem.

People want to live here. Even if they wish they didn’t have to. Work, family, and education are what keep people here, whether they are under the stress of a massive mortgage or are despondent about their chances of ever saving enough to buy-in.

Before considering getting a mortgage, it’s important to first asses yourself financially. Figure out how much money you have and how much you need to borrow. It’s always critical to sort out how much you can afford so that when you apply for a mortgage you will be able to financially sustain yourself.