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Here's the minimum salary required to afford a home in Toronto right now

Even with a record 32,000-plus homes up for sale in and around Toronto and few of them actually changing hands, housing affordability in the region is still deteriorating, suggesting that the present market lull is likely to continue.Based on the most recent average house and condo prices in May, along with present interest rates, the market experts at Ratehub.ca have calculated how much a household would need to earn each year to float the standard mortgage in cities across Canada, including in T.O.And, to people living elsewhere in the world (or even the country) where real estate prices are far lower and incomes are higher, the figure may be shocking.Between April and May of this year, the mean price across housing types rose by a slight $2,500 in Toronto, per the firm's data, from $1,009,400 to $1,012,800. This makes the typical monthly mortgage bill in the city $1,968, some $12 more than just a month earlier.In total, at a lending rate of ...


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