Speaking of Toronto, Canada's largest city fared no better whatsoever than the country as a whole by the National Bank of Canada's measure, which is effectively the percentage of an average person's income needed to pay the mortgage on a representative home in any location .
"In the Greater Toronto Area , the second quarter of 2022 was marked by the highest quarterly deterioration in affordability since 1981," reads the National Bank of Canada report. "This growth propelled the MPPI to its highest level on record . The level of the MPPI thus remained way above the city's 20-year average and the urban composite ." and home prices, which grew 22.7 per cent annually and 6.0 per cent during the second quarter of 2022, according to the bank.
As of this past quarter, the average home in Toronto was selling for $1,408,797. Based on this figure, someone would currently need an annual household income of at least $265,664 to buy a"representative home" in the GTA.
No kidding
Yet every high-end restaurant is packed each weekend
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