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As Detached Home Prices Soar, First-Time Buyers Turn to Condos

"In Toronto, the average first-time buyer would need to save for 76 months, or more than six years to afford the down payment on a low-rise property. The costs of a detached house now consumes more than 70 per cent of median household income in the city.

Even as buyers in Toronto and Vancouver have struggled to get a foothold into the market for detached houses, condos have proved to be an increasingly affordable option for many."

 

Full Globe and Mail article

Source:  Tamsin McMahon – The Globe and Mail

 

If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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