Housing Affordability

Sunday Feb 07th, 2021


According to a newly-released Housing Affordability Report from the National Bank of Canada, you currently need to have an annual household income of at least $178,499 to afford a "representative home" in the Toronto market.

"Housing affordability in Canada improved in the fourth quarter of 2020, marking a third amelioration in a row," reads the report, released on Wednesday.

"That said, the improvement this quarter was much less impressive. Higher incomes and record low interest rates were almost completely offset by a substantial rise in home prices. Indeed, prices for the national composite rose 4.5 per cent in the quarter, the highest quarterly gain in 11 years."

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