Edmonton offers renters their best bet for making the leap to homeownership, with household income around $70,000 and the price of a starter home hovering around $185,000. Using Point2Homes’ calculation, Edmonton renters earn $24,000 or 52 per cent more than the minimum income needed to buy an entry-level home in the city.
The news is less positive for renters living in 36 of Canada’s 50 largest cities, however. The study says they would need to earn up to 59 per cent more to afford a starter home. Ontario cities make up much of that list, with renters in Richmond Hill, Oakville, Markham, Vaughan and Burlington earning less than half the income they would need to buy a starter home.
“Being so far away from achieving their homeownership dream is a nightmare, but earning 80 per cent or even 90 per cent of the income needed to afford a home is the real Gordian knot: Not knowing whether to make the jump to homeownership or not keeps renters in a tense, frozen decisional space — their very own housing limbo,” report author Andra Hopulele wrote.
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