![]() Its diversity was a draw, as was the fact that it had convenient options for big-box shopping, including a Costco. Cox, a licensed mental-health therapist and single mother to a 25-year-old son, 20-year-old daughter and 11-year-old son, gradually found more to like about the city. It was new roof, new paved driveway, upgraded kitchen and bathroom.” “But what caught my attention in Antioch was that I was able to find something completely turnkey. “I never saw myself living in Antioch,” she said. A home in her neighborhood at the time, Oakland’s Trestle Glen, would be more than $1 million, considerably above the $350,000 or so she hoped to spend. ![]() She did the math and realized it might be more affordable to buy a home and pay a monthly mortgage, but she knew she’d have to look elsewhere. #The last bastion affordability seriesIn 2018, after years of renting in the San Francisco Bay Area, Denee Cox found herself priced out of her hometown Oakland, Calif., after a series of rent increases. "A 25-year-old household would be around 50 by the time they saved for the extra space.ANTIOCH, Calif. "Historically, the average has only been 4.85 years, so it's about 410 per cent longer these days," continues Punswasi. The median household needs to save for 24.74 years as of Q1 2021, for the minimum down payment," writes Better Living co-founder Stephen Punwasi of the data. "In Greater Toronto, it takes decades just to save the minimum down payment for a non-condo. Of course, a lot of people have been leaving the city in recent months to get more bang for their buck in smaller regions, where $600,000 will score you a four-bedroom home as opposed to a bachelor pad. "In Toronto, the median home price crossed the $1 million mark in QI, the minimum down-payment to buy a house now stands at 20 per cent."Ĭondos are still a better bet for people looking to buy their first homes in Toronto, with a representative price of $620,291 in the first quarter of 2021 and an average income of $125,202 required to afford a condo at that price. ![]() "Housing affordability in Canada worsened in the first quarter of 2021, marking the sharpest deterioration since 2018-Q4," reads the NBC report. ![]() Housing became less affordable in Toronto throughout the first quarter of 2021, according to analysts. It's no wonder that nearly half of Ontario residents under the age of 40 have already given up on the dream of home ownership. That's nearly 25 years of saving 10 per cent of one's income, every month, just to afford the 20 per cent down payment necessary to secure a house that they'd spend decades more paying off through a mortgage. That's the income it would take to buy a house that costs $1,069,111, which was the price of a "representative home in the metropolitan market" over the first quarter of 2021, according to the bank.Īnd even with that income of more than $183,000, someone would have to save up for a staggering 297 months just to afford a down payment on their seven figure Toronto home. According to The National Bank of Canada (NBC)'s latest housing affordability monitor, released Tuesday, the average annual household income needed to afford a representative house in Toronto is currently around $183,594. ![]()
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