11 April 2018

The main reason for such a change is that many people have lost their ability to purchase a property today. As you know, the new mortgage rules were introduced in January, making it even more difficult to receive a mortgage loan. Toronto’s condo market felt the consequences at once.

“Today, renters in the GTA are facing tight market conditions with the demand growing sharply and the supply remaining weak”, – Urbanation’s senior vice president Shaun Hildebrand says.

Urbanation’s report shows that one could buy an “average” 714-square-foot condo in the GTA for $558,000 in the first quarter of this year.

If we look at the previous year’s numbers, we’ll see that you would need to have an income of $77,000 to buy an average condo, assuming you’d provide a 20% down payment.

But today, you need to show an annual income exceeding $100,000 in order to make the same purchase.