This is the salary you currently need to earn to afford a home in Toronto

People's interest in buying homes in Toronto is at a record low due to high supply and low sales. Prices have slightly dropped, making it more affordable for buyers. To afford a typical mortgage in Toronto, one needs to earn $214,360 annually, considering home prices, rates, and expenses. Affordability improved in many Canadian markets in June due to lower interest rates and softening home prices. Toronto requires the second-highest income for home ownership in Canada, following Vancouver.