Landing condos . What is the annual income to buy a house in Toronto? The benchmark price of housing in Vancouver (Home Benchmark Price) is far behind other cities, reaching 1441000 yuan, and families who can afford to buy need an annual income of 240000 yuan.Please Visit: Landing condos to Get Your VVIP Registration Today!
While the median annual income of a warm family is only 75400 yuan, that is to say, the house price is more than the average family can afford, while in Toronto, the benchmark price of housing is 873100 yuan, and the annual income of affordable families is 160000 yuan.
According to a report by the Financial Post (Financial Post), the analysis was conducted by the independent financial information website RateSupermarket.ca, citing the domestic real estate website Zoocasa to list the benchmark housing prices in 12 major cities across the country, and then calculate the annual household income that can afford this price (see table), thus showing that housing in many big cities such as Vancouver, Toronto and Manchuria can only be affordable by the high-income class.
RateSupermarket.ca calculates household income by assuming that the family pays 20% of the down payment, the mortgage term is 25 years, the fixed interest on the five-year mortgage is 3.25% 10, 000 yuan debt, and the monthly car payment is 300 yuan. Based on this, the household income that can afford a house price of 873100 yuan in Toronto is 160000, while that in Vancouver is 1441000 yuan, and the household income is 240000 yuan. The former can only be borne by the highest 10% of household income, while the latter can only be affordable by the highest 1% of household income.
Jacob Black, executive editor of the website, said that to his surprise, Hamilton, 70 kilometers from Toronto, needed a family income of 120000 yuan to own a house worth 630000 yuan.
As a matter of fact, housing unaffordability also appears in the “first home purchase” (Starter Homes). In Vancouver, the benchmark price of “first home” is 656900 yuan, while Toronto is 522300 yuan, which is affordable only if the household income is up to 25%.
Blake says potential owners need to have practical concepts that can be spent and think in directions they haven’t thought about before. He suggested that owners might consider sharing (cohabitation), multi-family housing, and the option of looking for Pak Wen or smaller units outside major cities. He also reminded buyers to make good use of the resources in the property market.
