Today, RBC released its latest Housing Affordability Report and unsurprisingly, single family homes in Toronto are wildly unattainable for many people.
BNN reports that the housing markets in both Toronto and Vancouver are becoming increasingly unaffordable, at least for those looking to purchase a detached home. Condos, on the other hand, are a more viable option for many would-be buyers.
According to an RBC news release, this affordability measure “captures the proportion of pre-tax household income required to service the cost of owning a specific category of home at current market value.”
As CBC writes, for instance, “It takes 71.4 per cent of the average household income to afford the cost of a single family home in Toronto.”
Last May, the average price for a detached home in Toronto surpassed the $1 million mark.
Read More: RBC Housing Affordability Report