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According to the Toronto Real Estate Board, the average home price in the GTA hit $770,745 last month, a 22.3 per cent year-over-year increase. And you’ll need almost double that if you aspire to live in a house, with the average detached price now $1,336,640 in the city proper.
(Photo: Sisoje via Getty Images)
Houses Can Be Hundreds of Thousands of Dollars Out of Reach
Consider this — for an individual with the median Toronto household income of $76,219, the maximum affordability they can hope to achieve is $636,900, and that’s assuming they qualify for a five-year variable mortgage at two per cent, pay at least 20 per cent down on their home and can pay it off over a 30-year period. Yet that still leaves the median Torontonian nearly $700,000 short from affording a house.
That doesn’t give buyers — especially those in the move-up market — a ton of options…
Fewer Canadians contributed to RRSPs from 2000 to 2013
– moneysense.ca
The report released Monday noted that two of the largest contribution declines were in 2008 and 2009, which was the same time as the financial crisis and the introduction of tax-free savings accounts.
Ten RRSP questions answered »
But whether this trend results from factors such as the recent economic recession, shifts toward other means of wealth accumulation — including home equity — or entirely different reasons is an open question, the report said.
The report said among individuals aged 25 to 54 the number of annual RRSP contributors fell 16 per cent between 2000 and 2013.
The number of contributors in the age range fell to 4.2 million in 2013 compared with 5.0 million in 2000.
Is my spousal RRSP still mine? »
Meanwhile, the total value of annual RRSP contributions fell by the same group approximately 26 per cent after being adjusted for inflation…
