A Toronto Home buyer with a 20 per cent down payment would need an annual income of $174,854 to pay for a mortgage however the average family income in the Toronto area in 2013 was $107,200 according to Statistics Canada.
Development fees, land transfer fees and local and provincial taxes are adding an extra 20 per cent of the cost of new Homes in Toronto and area says the Building Industry and Land Development Association.
Now Home buyers are forced to drive away from the city were they work to qualify for a new Home resulting in a much longer commute.
Affordability and concerns about moving up in the present Toronto Real Estate market is on the minds of over 70 per cent in a recent poll conducted in August, 2015.
Toronto home-buyers are competing for even fewer Detached Homes for sale resulting in rising average Home prices.
The average price for a Toronto Detached Home in September was $1,053,871 up 10.7% from a year ago.
Iris Li is a Toronto Condos Realtor specializing in both new and resale Toronto Yorkville Condos For Sale and Toronto Homes for sale.