Buying a home in the GTA now requires a six figure income. The household income required to afford a home in the GTA is approximately $180,000. If salaries stay the same and interest rates increase, the GTA buyer buying in Toronto will be unable to afford their home. This is creating a push in the Hamilton market for GTA buyers that see housing here as being much more affordable. An average home around Brock University is $373,000 so the approximate household income required to support a home here is $76,000. So commuting to Hamilton from Toronto is becoming a ‘thing’ for Torontonians. They are now willing to commute 1 1/2 hours to and from work every single day to be able to afford a home. What comes with all this push for Torontonians buying in Hamilton is a tonne of commuters. With commuting comes stress, higher blood sugar, higher anxiety, back pains, higher cholesterol levels as well as a decline in happiness and life satisfaction. Spending so much time driving means that they are missing out on a lot of things including the important stuff like working out and spending time with family and friends. Sleep also suffers with the rise of anxiety.
These GTA Buyers are very aggressive. They have the experience of trying to buy a home in the GTA and losing out many times. They were bullied out of Toronto. They go in very aggressive with the number. That is why we’re seeing these crazy sale processes. They are ready. They have all their ducks in a row when they come here. They got in with firm offers and no conditions. Conditions are unheard of in Toronto.
Vancouver is in the news once again. They’ve passed laws that make it tougher for foreign buyers to purchase. The government has now launched a plan to help first time buyers get into the real estate market. The loans are interest and payment free for the first 5 years. Will this hurt the economy? Listen below for more …