Dual-income households are still considerably better equipped in getting Toronto condo units, however
While the average price of a condo unit in Toronto is certainly veering towards the expensive side ($602,804 as of 2018), the latest analysis by real estate information portal Zoocasa showed that affordable condos still abound in many neighborhoods across the city.
Zoocasa’s analysis compared the average cost of a condo unit in each area (using price data from the Toronto Real Estate Board) to the city’s average and the median household income in each neighborhood. The study used TREB nomenclature in designating the areas.
“Not surprisingly, home affordability is a far greater possibility for those in dual-or-more-income households: according to the 2016 Census, the median take-home pay of which is $96,294,” Zoocasa wrote in the new study. “Assuming a 20% payment, this would qualify this household for a maximum mortgage amount of $591,347 – attainable in 18 of the 35 examined neighborhoods.”
Read more: These are the fastest-selling Toronto neighborhoods
The Top 5 Toronto Neighborhoods in Terms of Condo Affordability
1. E10: West Hill, Centennial Scarborough
Average condo price (May 2018) - $253,822
Income required to afford condo - $40,547
2. E11: Malvern, Rouge
Average condo price (May 2018) - $$332,969
Income required to afford condo - $53,189
3. W10: Rexdale-Kipling, West Humber-Claireville
Average condo price (May 2018) - $$346,796
Income required to afford condo - $55,397
4. W05: Black Creek, York University Heights
Average condo price (May 2018) - $$348,797
Income required to afford condo - $55,717
5. E04: Dorset Park, Kennedy Park
Average condo price (May 2018) - $$364,466
Income required to afford condo - $58,220
