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Why a salary of $115K isn’t enough to purchase a house in some parts of Canada | CBC News
Ron Butler says that when he started in the mortgage business 30 years ago, it was quite easy for a grocery store produce manager or part-time nurse to find the five per cent down payment needed to buy a home.
“Those days are gone,” Butler said recently at a parliamentary finance committee hearing looking into household debt in Canada.
Asked how long it would take someone with a solid, full-time job to save up the minimum down payment on a home today, Butler said that when it comes to the Greater Toronto Area, “the reality is they never could.”
“If you’re running about $110,000, $115,000 income, you have to pay rent, you have to eat, you have to live. You pay taxes,” Butler said. “You could not possibly accumulate a satisfactory down payment for a house price that’s still sort of just under a million dollars.”
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