Housing in Toronto is insane!
I am starting to think that the only place Emily and I can afford in this insanely overpriced City is the one shown in the picture above!
The average price of a house in the GTA was $423,000 in October of 2009!
The average single family income in the GTA was around $90,000 per year.
The general rule of thumb is that you should be able to buy a house (and still have some kind of social life) for 3 times your yearly income.
3 X $90,000 = $270,000
Therefore, the average person in the GTA can not afford a house!
Condos are creeping up into the unaffordable range as well!
BITE ME TORONTO HOUSING MARKETS! All I want is a nice little house with a small backyard and a veranda - Is that too much to ask? Oh… a free parking spot would be nice too.
The quest for affordable housing continues…
