Torontonians Spend 45% of Income on Housing
Wow. People in Toronto spend 45% of their incomes on housing! And that’s considered an improvement over the 60% they were spending before the 1990’s housing crash.
“A lack of affordability led to the 1990 housing bust in Toronto. At that time, the average Torontonian with a detached bungalow was spending just over 60% of his income on housing. Right now, Torontonians are spending about 45% of their incomes on housing. In Vancouver, owners of detached bungalows spend an incredible 71% of their incomes on housing, while in Calgary they spend 45%, and in Edmonton 42%.”
This is wayyyy more than the Dave Ramsey recommended amount of 25% on housing.
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