The state of real estate in Toronto: 5 numbers that may surprise you
January 26, 2015
TD Economics recently released a 20 page report on the GTA housing boom and revealed five surprising statistics as CTV news reported.
One of the most surprising is that nearly half of GTA renters are spending 50 per cent of their paycheques on rent.The general rule of thumb is not to spend more than 25% of your gross monthly income on rent (although if you live downtown, that’s difficult.) However, if you are grossing $10,000 a month so you have $2500 a month to spend on rent, you could be buying, which leads me to point number two:
70% of people in the GTA own their homes, which is up from 50% in 1995.
Single people living alone, especially women, means that there are 36,000 new households being created each year, up from 25,000 in the 1990s.
Approximately 40 per cent of condo units currently under construction will be used as rental properties.
Average resale prices in the GTA – which includes the City of Toronto and surrounding Durham, York, Peel and Halton regions – have doubled since 2002.
Click here for the CTV piece or click here for the full TD Report