Published: August 14th, 2023 • Last Updated: August 14th, 2023
Author: Brent Rowe on AskRoss.ca

A recent report from the Insurance comparison website HelloSafe Canada notes that household income of more than $392,154 is needed to afford an average 1,500-square-foot home in Mississauga.

Across Canada, the average required household income is $175,491, but in large urban areas such as Mississauga, demand pressures have pushed average home prices beyond most buyers’ reach. The required income in other parts of the GTA is much higher still, with Torontonians needing $591,828 to afford a comparable-sized home.

This is beyond absurd, and the result is that many young adults are being shut out of home ownership.