No housing types affordable for median-income earners in Oakville, Burlington Milton or Halton Hills: Report
Published October 2, 2023 at 11:17 am
If you have a household income that falls in the $94,000 to $108,000 range, you cannot afford a home–not even a condo–in the Halton Region.
According to a recent report released by real estate website and brokerage Zoocasa, the median income in Oakville sits at $108,000 and while that’s a strong number, the maximum affordability threshold for earners in that category is $499,239–much below the average house price (all homes types combined) of $1,492,687.
The story is similar in other Halton cities.
In Burlington, the median income sits at $94,000 and the maximum affordability threshold is $434,505. In Milton, the median income is $107,000, but in order for a house to be considered affordable for someone with those earnings, the home must be no more than $494,580. The numbers in Halton Hills match the ones in Milton.
In Milton, the average home price sits at $1,083,812 and in Halton Hills (where there are no condos), the price is $1,250,700.
The situation in Toronto and other parts of the GTA is similar.
The report notes that as prices rise, median-income earners find it harder to purchase homes in local markets around Toronto because wages are not keeping pace with housing costs.
“So while there may be demand for homes, the overall buyer sentiment right now is that it’s simply too expensive to get into the market,” the report says.
According to the report, detached homes in Oakville cost about $1,989,978, while semi-detached houses cost $1,167,500 and townhouses cost $1,013,915. The average price of a condo sits at $824,568.
In Burlington, detached homes cost about $1,406,473 on average, while semis cost $965,714, towns cost $804,411 and condos cost $668,446. In Milton, detached homes typically run buyers about $1,350,202, while semis cost $1,053,375, towns about $788,613 and condos about $635,406.
In Halton Hills, detached homes cost $1,344,305, semis cost $520,000 (only a little above the affordability threshold of $494,580) and towns $715,000.
The report says that even in the most affordable cities in the region, median-income earners are having a tough time.
Oshawa, where the average home will cost $815,098, is still too costly for median-income earners who can afford a home priced at $351,298. This means a home in that city is about $460,000 out of reach.
One town with homes suitable for median-income earners is Uxbridge. In the Durham Region town, residents earning $99,000 can afford to buy a home for $457,636. The average price of a condo in Uxbridge currently sits at $434,500.inhalton's Editorial Standards and Policies advertising