Annual Income of $221,829 is Needed to Buy a Home in Guelph
According to HelloSafe, Guelph residents will need an average household annual income of $221,829. That puts us in the middle of the pack with Toronto residents requiring and eye watering $591,828 household annual income.
The calculation is based on an Ontario mortgage loan with a 5-20 per cent contribution at a 5-year fixed rate of 4.89 per cent over 25 years.
“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 of HelloSafe Canada, in a news release.
The price per square foot is 7 times higher in Toronto than in Timmins in June 2023
Logically, the disparities in income required to buy a house between regions are strongly correlated with differences in square foot prices, which are high across Ontario. Thus, as of June 2023:
- The average price per square foot for a house in Toronto ($1,400) is 7 times higher than in Timmins ($203).
- The average price per square foot observed in June 2023 across all Ontario regions was $650.
“This has resulted in a challenging landscape for buyers, particularly first-time purchasers, who face formidable barriers to entry,” Desoutter said.
“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,” she said.
The average home price in Guelph is $910,257, according to The Canadian Real Estate Association.