It will take a combined income of more than $500K to purchase home in Halton Hills

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Published June 28, 2023 at 12:52 pm

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If you’re looking to purchase a 1,500 sq.-ft. house in Halton Hills, you’ll need a combined annual salary of more than $500,000.

The information was contained in a report by Hellosafe, an international online insurance policy comparison platform.

The report suggests a combined household income of $511,235 to afford the square-foot price of $1,370 in Halton Hills.

House purchasing in Milton is much more affordable according to the report, at $748 per sq.-ft. and a combined household income of $288,467.

“Ontario’s real estate market has reached unprecedented heights, with soaring prices that have left both experts and aspiring homeowners astounded,” said Alexandre Desoutter, editor-in-chief for HelloSafe Canada.

“The combination of limited housing supply, growing demand fueled by population growth, and low interest rates has created a perfect storm, propelling property values to astronomical levels. This has resulted in a challenging landscape for buyers, particularly first-time purchasers, who face formidable barriers to entry.

“The high real estate prices in Ontario not only underscore the pressing need for innovative solutions to increase housing supply but also highlight the urgent necessity for comprehensive policies aimed at fostering affordability and equitable access to housing for all residents.”

Toronto remains the most expensive community in the GTA to purchase a house, followed by Halton Hills, Aurora, Richmond Hill and Oakville. Milton is 13th on the list.

Timmins was the cheapest location discovered in the study, with an annual income of less than $65,000 needed to be a homeowner.

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