This is pretty cool. If you want to know how much it will cost you to purchase a family home around Toronto, the good people at SkyView Suites broke it down for you with a subway map. Keep in mind that we’re looking at places with three plus bedrooms, so much larger than many families might need, but it’s still fun to compare.
The cheapest stop by which to buy a home? Victoria, where you can get a house for an average of $653,000 which isn’t that cheap, of course, but it’s a lot less than the average $3.56 million you’ll pay by York Mills.
SkyView suites also figured out the average household income required to purchase what they call a “modestly priced home” at $1.4 million, in the city of Toronto with a 20% down payment.
Down Payment – $280,000
Land Transfer Taxes (city of Toronto) – $ 48,200
Lawyer – $1,500
Total Cash Outlay – $329,700
Carrying costs (per month):
25 Year Mortgage (@ 2.5% annual interest) – $5,100
Property Taxes – $900
Hydro – $200
Total Carrying Cost (per month): $6,200 (not including occasional repairs)
For most banks the household apparently must have a total income of at least 3.33 times the carrying costs, meaning, they say, that the average required income would be $250,000 per year or roughly $125,000 per adult, if coupled. Crazy.
You can get a lot more house outside of Toronto for a lot less, which might explain why I keep hearing about people moving to Hamilton.
Here’s the map: