Two incomes not enough to afford a home in Burlington according to report
Published February 9, 2023 at 11:21 am
According to a report from a national real estate company, not even two full time, average incomes is enough to be a homeowner in Burlington.
Zoocasa’s numbers show the Hamilton-Burlington area has the fourth most expensive average home price at $803,200. A median income of $56,000 would still leave two full time people short of the $124,875 required income to afford a home.
“The average home prices were sourced from the Canadian Real Estate Association (CREA) to determine which markets were the most affordable,” said a Zoocasa spokesperson.
“To determine the minimum income required to qualify for a mortgage on the average home, we assumed the buyer would make a 20 per cent down payment and receive a mortgage with the current average interest rate of 5.14 per cent amortized over 30 years. Those findings were then compared to median income data of “persons living alone who earned employment income” as reported by Statistics Canada in its latest available census data from 2021.”
If you’re looking for something in Ontario that’s affordable for two people using this criteria, head to Kitchener-Waterloo, Ottawa or London.
Single-income ownership is still possible in Canada, but you’ll have to move a little further. Edmonton, Winnipeg, St. John’s and Regina all show up on the list as affordable for a single income.
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For the full report, visit here.
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