Wednesday, August 17, 2016 1:00 pm ·  0 Comments
Maybe, it’s more realistic to expect living in a tent if you don’t already own a home in the GTA. Tents can be pretty nice. An enlightening article in the Toronto Star published on August 12, 2016 by Tess Kalinowski recently put housing affordability into hard numbers.On the list for highest incomes needed to afford a home Oakville is listed third after King and Richmond Hill.
The report looked at the entire GTA and only found a couple pockets where affording a home doesn’t require a household income of $100,000, and it’s not just including detached homes. The study also included anything between a shoebox apartment and a detached home, combined with taxes and utilities.
The study also found that compared to last year, a 17% larger income is needed to afford a detached home in the GTA. This shows that home prices are increasing much more than incomes – at a rate that seems almost ridiculous. The average price of a home in Oakville is now $1,049,190 according to statistics provided by the Oakville Milton District Real Estate Board from July 2016 .
The situation could have people that aren’t yet in the market priced out completely. This includes the average person in the GTA who’s income is $75,270, and making home ownership especially difficult for the younger generation who can barely find unpaid internships. Perhaps some are starting to hope for a market correction. You can only live in a tent for so long, especially in Canada.