Buying a Home in GTA | Home'n'mortgage
top of page
People having fondue

Finding your Dream Home in Greater Toronto Area

Navigating the real estate market can be overwhelming, but understanding what you can afford based on your income is a critical first step. Our Affordability guide is designed to help you identify the potential locations and types of homes that align with your financial landscape, enabling you to make informed decisions and strategically plan your home purchase.

Why Knowing What You Can Afford is Key

Before falling in love with a property, it’s important to know what fits within your budget. Our detailed breakdown of the required gross household income for various home types across different GTA zones empowers you to:

  • Filter Options Quickly: Understand at a glance which areas and types of homes are within your financial reach.

  • Avoid Financial Overreach: By targeting homes that match your budget, you can avoid the disappointment of exploring options that are financially impractical.

  • Plan Your Financial Future: Knowing the income requirements for different homes helps you set realistic savings goals and timelines for your purchase.

Highlights from the recent report

Household Income Required (with 20% downpayment)

Region
Detached Home
Semi-Detached Home
Townhouse
Apartment
City of Toronto
$172,666
$150,747
$106,392
$92,361
Durham
$118,827
$123,673
$104,758
$95,503
Halton
$206,455
$149,293
$112,760
$105,319
Peel
$202,518
$158,548
$120,357
$100,440
York
$139,987
$120,282
$134,341
$104,693

Household Income Required (with 5% or minimum Downpayment less than 20%)

Region
Detached Home
Semi-Detached Home
Townhouse
Apartment
City of Toronto
Not Feasible
$203,652
$145,185
$125,795
Durham
$160,937
$167,403
$142,790
$129,708
Halton
Not Feasible
$201,648
$153,611
$142,858
Peel
Not Feasible
$213,454
$163,328
$136,250
York
$189,344
$163,418
$181,915
$141,936

Data as of 3rd May 2024
Assumes best credit, good income profile, no debts and is subject to Lender's approval (OAC)

Note: Some Cities or Communities in these Regions may not have Semi-Detached, Townhome or Apartment properties leading to uneven Income figures across these property types

Free access to report covering over 60 cities and communities across GTA

Start Planning Today

  • Set Your Priorities: Decide what’s more important to you—living in a specific part of the GTA, owning a certain type of home, or sticking to a strict budget.

  • Adjust Your Expectations: If your preferred area is out of reach, consider nearby alternatives that offer similar amenities but at a lower cost.

  • Speak to a Professional: Once you have an idea of what you’re looking for, reach out to us for a pre-approval and consult with a GTA real estate expert to discuss your options. Together, we will be able to fine-tune your plans.

Buying a home is one of the biggest decisions you’ll make. That’s why we provide not just data but also expert advice to guide you through every step of the home-buying process. If you’re ready to discuss your options or have any questions, don’t hesitate to contact us.

​

Embark on your journey to homeownership with confidence. Explore our guide, understand your options, and prepare to turn your dream home into a reality.

Let's get you started

njoseph@mortgagealliance.com

647-904-5557

bottom of page