How much you need to earn to afford a home in Toronto and the GTA + MORE Mar 22nd

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.

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How much you need to earn to afford a home in Toronto and the GTA

– moneysense.ca

Looking at the Toronto housing market through a lens of percentages, shifting sales numbers and interest rates may be the go-to method for industry insiders, but for many run-of-the-mill buyers, there’s really one thing that matters: “What kind of home can I afford?”

To help answer that question, let’s look at the level of income you or your household are going to need to purchase a home in Toronto and the Greater Toronto Area (GTA), based on the benchmark home prices reported by the Toronto Regional Real Estate Board (TRREB) in January 2024.

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Income needed by property type

First, let’s look at the income required for home buyers across the entire GTA (both the 416 and suburban 905) by property type.

Across the GTABenchmark home priceHousehold income neededMonthly mortgage paymentSingle-family detached$1,360,400$269,000$6,485Single-family attached$1,043,700$208,000$4,976Townhouse$795,000$157,000$3,790Apartment/condo$682,600$137,000$3,254

There’s no debating that you will require a significant household income to afford any home in the GTA…

Continue Reading On moneysense.ca »

The best banks in Canada

– moneysense.ca

On top of Canada’s Big Six banks—RBC, TD, Scotiabank, BMO, CIBC and National Bank of Canada—there are a growing number of fintechs and neo banks in Canada, each offering its own suite of personal banking products and services. Finding the best one for you is tricky, especially since it depends on your specific needs, covering everything from your everyday banking habits to your savings goals, if you need or have a mortgage, as well as investments and more. In this article ranking the best banks in Canada, we take a look at the standout banks, based on different demographics and needs, so you can decide which one works for you.

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