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Mortgages in Ontario cities are totally out of control and Toronto is the worst of all

The financial weight of mortgage payments in major Ontario cities has reached a breaking point in recent years, according to a new study that raises alarm bells about runaway costs and stagnating wages.The Home Ownership and Rent Affordability in Canadian CMAs study from The Fraser Institute, a politically conservative think tank, states that mortgage payments have grown to chew up more than 50 per cent of the local median after-tax income in the province's 14 major urban centres in the period from 2014 to 2023.Of these large cities, the monthly mortgage payment on a typical Ottawa-Gatineau home ate up between 50.4 per cent of monthly median incomes during this period, while Toronto topped the charts, with a monthly payment requiring a staggering 110.2 per cent of the local median after-tax family income after a 20 per cent down payment."There is a perception that housing outside of the GTA is still somewhat affordable, but that's not true. Even in cities like Windsor a...


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