Renters in these cities not only have access to more affordable starter homes, but they also earn 52 per cent and 50 per cent higher than the minimum income required to buy one in their respective city. John's stand out, according to the report. In these cities, renters earn two to 52 per cent more than the minimum income needed to afford a starter home there.Īmong the 10 cities in Canada where renters have the opportunity to purchase a starter home for less than $200,000, Edmonton and St. Point2Homes’ data shows Calgary renters make five per cent more than the required money to buy a starter home in their city, while Windsor renters earn 48 per cent less than the needed money to buy a starter home in their city.Īccording to the report, renters in 14 cities across Canada earn more than the income required to buy a starter home in their city. In Windsor, the average renter's household income is $40,241 annually, while in Calgary, it's close to $69,000. Starter home prices are very similar in some cities - such as in Windsor, Ont., and Calgary - but there are big differences in household income. ![]() These are the 36 major Canadian cities where renters can't afford a starter home, according to Point2Homes: Renters in 12 cities in Ontario earn 42 to 59 per cent less than the amount needed to buy a starter home.įor instance, renters in Richmond Hill, Oakville, Markham and Vaughan make an average of $70,000 annually, and would need around $160,000 to $170,000 to afford a starter home in their city. Now, according to Point2Homes, a starter home simply refers to the first home a person owns, regardless of its size or price-its definition is determined by the current market conditions.įor its report, the platform looked at renter household income in Canada's 50 largest cities and designated starter homes to be valued at half the respective city's benchmark price to determine where they could switch to homeownership.Īccording to the report, 75 per cent of renters residing in 36 of the cities are unable to afford a starter home under this definition.ĭue to the sharp increase in prices, Point2Homes’ report shows, Canadian starter homes now cost more than $500,000, and in three cities, more than $700,000. The Offer newsletter: Sign up for curated coverage of Canadian real estate.However, the concept of a starter home has changed in today's pricey housing markets. Starter homes, also known as entry-level homes, are traditionally small in size and priced around $200,000. In 11 of these cities, starter home inventory is zero, with 26 more cities displaying shares of starter homes below 10 per cent. ![]() With the skyrocketing home prices and increasing mortgage rates, new data from Point2Homes suggests that a significant number of renters in Canada's major cities are unable to afford a starter home.Īccording to data published on Tuesday, renters in 36 of Canada's 50 largest cities earn 60 per cent less than required to own a starter home.
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