For millennial and generation Z Canadians, owning a home in this real estate market might seem like a pipe dream.
According to the Canadian Real Estate Association, the average cost of a home in Canada was $665,850 as of June 2022, which is a daunting figure for those still starting or establishing their careers.
Here’s a look at how out-of-hand house price increases have gotten in Toronto:
Average Toronto home price in 2000: $243,255
Average Toronto home price in 2010: $431,262
Average Toronto home price in 2021: $1,095,336
First, to figure out how to achieve your goal of affording a house, you’ll have to know where you are starting from. Figure out how much of a mortgage you can afford today. If that number is far from your goal of owning a property, here are some strategies you can try if you can’t afford the housing…