Saving for a home in Toronto? Hope you're patient...
Want to buy a home in the GTA?
A new report says many would-be home owners will have to spend about a third of their life saving.
This comes from online real estate brokerage, Zoocasa.
It took the household median income, about $78,000 per year before taxes, and found those families would have to save 20 percent of their income for 32 years to be about to afford a down payment.
The report suggests, at that income, the maximum affordable mortgage would be $300,000. The average GTA home costs just over $800,000 which means families would have to save up the other $500,000.
The report ranks the GTA as as the third most expensive housing market in Canada behind the Vancouver area and Fraser Valley.