Busting myths about Toronto homes and mortgages

Written by by David Yanofsky, SoraNews24

Toronto and Vancouver are the densest cities in North America. Population density has been increasing at a startling rate since at least 2009. That’s on top of rising immigration, stagnating population numbers and a booming number of vacant and unused homes in the city.

It’s probably no surprise then that the number of millennials who are becoming homeowners has been steadily decreasing in the past couple of years. With prices continuing to rise and real estate still not affordable for a large number of people, it’s easy to understand why so many young people are turned off the idea of being homeowners.

There’s another demographic that might also be put off by home ownership; first-time home buyers who don’t really have any options when it comes to getting a mortgage. The market has been so competitive recently that home prices in Vancouver have reached a new peak of over $2 million, while buyers have been selling their homes to be able to afford houses in other cities in the area.

What about Toronto, you ask? Here we’ve compiled a breakdown of the various mortgages to see how much you need to be earning in order to buy a detached home in the city. We’re not going to tell you how much you need to make, but the data shown represents recent estimates (and I urge you to look this up for yourself).

Supplier Data On Price-Adjusted Mortgage Permits

12 Month Avg. Monthly Income Required To Cover Payments on Monthly Mortgage

When purchasing a new home, you should ask the real estate broker about other options, such as a floating rate or one-off payment, but be sure to carefully evaluate the options before you sign the mortgage papers.

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