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Owning a Home is Getting Cheaper

Canadians’ average monthly home costs are falling according to the Toronto Sun in this story.  Thank lower interest rates, smaller utility bills and slowing home prices.

The Sun says the typical cost of a standard two-story home in Toronto was $446,917 at the end of last quarter.  On average, it takes 48.8% of a Torontonian’s income to pay the mortgage, utilities and property taxes on that kind of property.  That’s about $2,776 a month.

The good news is that this is down from $2,818 a month and 50.4% of income in the prior quarter.

Side Note: You’d need an annual income of roughly $104,000 to qualify for the mortgage on this kind of home.