Assuming a 20-per-cent down payment, this would qualify this household for a maximum mortgage amount of $591,347 - attainable in 18 of the 35 examined neighbourhoods. Not surprisingly, home affordability is a far greater possibility for those in dual-or-more-income households.Īccording to the 2016 Census, the median take-home pay is $96,294. To identify the Toronto neighbourhoods with the greatest condo affordability, Zoocasa compared the average price in each area (sourced from the Toronto Real Estate Board) to the city’s average, as well as the median income earned in Toronto households. Of course, real estate prices vary across different Toronto neighbourhoods. READ: This Toronto Condo Developer Plans To Sell Units For $2,500 Per Square Foot So condos, while certainly still expensive ($602,804 the average price for a Toronto condo apartment this year), are often more affordable. Single-family homes are often too expensive for aspiring home buyers. We congratulate the City Council for its action in taking such a step.Toronto condos have long been seen as the last bastion of affordability in our real estate market. This new policy is a tool to try to stave off the damage such a market can do to our community. The housing market has defied all previous economic trends, with housing prices continuing to escalate to the stratosphere while jobs continue to be cut and wages stay flat or even decrease. Some worry that this policy is simply government meddling with the market, and puts the onus on builders. With the median price of a house at more than $500,000, Gilroy’s is no longer the last bastion of affordability for our county’s rapidly disappearing middle class. It shows that we value a balanced and healthy community, and that we’re committed to trying to furnish affordable homes through a reasonable policy. The new policy won’t stem the tide of skyrocketing housing costs in our area. It distributes affordable housing throughout the city, rather than concentrating it in one area it creates income integrated neighborhoods, rather than exclusive enclaves of wealth it provides a tool to help Gilroy retain its residents, especially young families composed of born-and-raised Gilroyans who want to remain here to raise a next generation who will also have deep roots in the community. In addition to benefiting regular income earners, the Neighborhood District Policy benefits the entire community in a number of ways. This means that people who work non-professional jobs (or low-paying professional jobs) can stay here, rather than move to far-away towns like Patterson and Atwater and Visalia just so they can have a piece of the American Dream, owning their own home. The new Neighborhood District Policy passed by the City Council two weeks ago mandates that 15 percent of new construction in six Neighborhood Districts be affordable. Thanks to a brave move by the Gilroy City Council, more Gilroy residents with regular incomes will be able to purchase a new home. Weeks ago mandates that 15 percent of new construction in six The new Neighborhood District Policy passed by the City Council two Residents with regular incomes will be able to purchase a new home. Thanks to a brave move by the Gilroy City Council, more Gilroy
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