Affordability in Toronto has diminished rapidly in the last few years. In spite of some price drops in 2023 in response to interest rate hikes, the home price in the city still sits at over $1,000,000. The average home price across Toronto and the Greater Toronto Area (GTA) combined is $1,082,496.
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As the cost in Toronto continues to climb, those earning the median income may find themselves priced out of more local markets. As home prices have escalated, wages haven’t increased at the same rate. So while there may be demand for homes, the overall buyer sentiment right now is that it’s simply too expensive to get into the market.
To find out what those earning the median income can afford, Zoocasa analyzed median incomes in major markets across the GTA and calculated the maximum affordability and compared it to average home prices.
Affordability Tightens Across GTA
Caledon has the largest median household income in the GTA at $113,000. This means that Caledon median-income earners can expect to afford a home of around $523,555. This is just over $814,000 shy of the average cost of a home in the city, showing the lack of affordability. Worth noting in Caledon is that the average price of condo apartments is over $1,400,000, but there was only one recorded condo sale in August. In the city with the second highest median income, Oakville, earners can expect to afford a home of around $499,239 – nearly $1,000,000 less than the cost of the average home in the city of $1,492,687.
Even in the most affordable cities in the region, median-income earners are having a tough time. The most affordable city on our list is Oshawa, where the average home will cost $815,098. Median-income earners there can afford a home at $351,298, putting the average-priced home around $460,000 out of reach. The second most affordable city, Essa, has an average price of $828,074, while the median income lends to an affordability of $429,901. While not as bad as Oshawa, it’s still a difference of around $400,000.
There is one area on our list where median-income earners can afford to buy. Those in Uxbridge earning the median income of $99,000 can afford to buy a home at the price of $457,636, which is more than required to buy a condo in the city. The average price of a condo in Uxbridge currently sits at $434,500, meaning median-income earners are $23,000 in the green if they’re looking to buy one. It’s the only property type that earners can afford to buy in all the cities we covered.
What You Can Buy in the Greater Toronto Area
While buying at the average price may seem out of reach, there are still affordable homes you can buy in the city. We put together a list of homes you can buy across the Toronto region for less than the maximum affordability in each city.
Toronto – 602 – 2462 Weston Road
Property details:
- 1 bed, 1 bath, 0 parking
- Condo apartment
- Walking score 74/Transit score 63
This quaint and charming condo is all about convenience. It’s just steps from public transit and conveniently located near Highways 400 and 401. There are also many nearby parks and green spaces to enjoy. The open-concept layout leads out onto a private balcony to enjoy your morning coffee.
View the listing here.
Oakville – 714 – 2486 Old Bronte Road
Property details:
- 1 bed, 1 bath, 1 parking
- Condo apartment
- Walking score 53/Transit score 38
This lovely condo in Oakville has gorgeous views all around. The apartment has had many recent upgrades like granite countertops, an upgraded fridge and laminate flooring throughout the condo. It’s close to parks and restaurants, and the building has a gym and party room as well as other amenities.
View the listing here.
Mississauga – 2206 – 55 Elm Drive West
Property details:
- 1 bed, 1 bath, 1 parking
- Condo apartment
- Walking score 88/Transit score 75
This one-bed, one-bath condo based in the middle of Mississauga has been recently renovated, including the kitchen and bathroom. The building has many spectacular amenities including an indoor pool, jacuzzi, tennis court and party room, making it a perfect starter condo.
View the listing here.
Markham – 7 Digby Crescent
Property details:
- 3 beds, 1 bath, 0 parking
- Detached
- Walking score 65/Transit score 63
This brick bungalow is based in the desirable west-end neighbourhood in Markham. The home has plenty of room to make it your own. The partially finished basement provides space for additional bedrooms or a rec room. The fully fenced backyard offers families a perfect place to spend time during the summer months.
View the listing here.
Aurora – 11 – 123 Milestone Crescent
Property details:
- 3 beds, 2 baths, 2 parking
- Condo townhouse
- Walking score 44/Transit score 41
This three-bedroom home is in a prime location in Aurora. The exceptional layout leads to a private garden space, making it an excellent starter home for younger families or a solid investment property. It’s also in a wonderful location, close to many parks, trails and schools.
View the listing here.
Pickering – 1001 – 1255 Bayly Street
Property details:
- 1 bed, 1 bath, 1 parking
- Condo apartment
- Walking score 81/Transit score 59
This quaint condo is based in San Francisco on the Bay. The one-bedroom unit has stunning views all around, complete with a balcony for you to enjoy. A perfect starting condo, it’s also had many recent upgrades, including the flooring, doors and window coverings.
View the listing here.
Burlington – 409 – 1141 Cooke Boulevard
Property details:
- 1 bed, 1 bath, 1 parking
- Condo townhouse
- Walking score 66/Transit score 50
This bright and modern townhouse is in a great location, close to multiple highways and Aldershot station. It has a spacious layout, with multiple recent upgrades in the kitchen and bathroom. The private entrance leads down to the apartment, making it a great place to live for anyone looking for a first home.
View the listing here.
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