You need an income of $300k to purchase ideal Burlington home, data shows

Published June 27, 2023 at 1:44 pm

cphomeforsale

Prospective homebuyers need an annual income of $339,632 to purchase what is considered an ideal home in Burlington.

That’s according to new data compiled by HelloSafe, an international online insurance policy comparison platform.

The study compared data gathered from across Ontario based on mortgage loans, down payments made and debt-to-income ratios over a period of time. The information was collected from the websites Viewhomes.ca and Get Home Realty.

The home size is based on 1,500-sq-ft, considered for the study as an ideal average size for buyers.

Not surprisingly, Toronto tops the list at $591,828 needed annual income to purchase a home.

At ninth on the list, Burlington’s numbers can be expanded further with a price of $861 needed per square foot to purchase a home.

“Ontario’s real estate market has reached unprecedented heights, with soaring prices that have left both experts and aspiring homeowners astounded,” explained Alexandre Desoutter, editor-in-chief for HelloSafe Canada. “The combination of limited housing supply, growing demand fueled by population growth, and low-interest rates have 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.”

Desoutter went on to say that 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.

Next to Toronto, Halton Hills is second on the list at $570,154 needed income. Oakville is fifth on the list with $410.719 and Milton is 13th at $288,467.

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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