If you’re looking to buy a home in Toronto, you might be asking yourself, “How much do I need to make to make this happen?” Prices for homes keep going up, and it can be tricky to figure out if you can afford the dream of owning a home.

A recent update from a website called Ratehub.ca shows that the amount of money you need to make each year to buy a home in Toronto has gone up again—and it’s a pretty big jump. In just one month, it’s gone up by $3,400. Now, to buy a home, you need to earn $217,500 a year. Last month, you would have needed $214,100.

The price for an average home in Toronto is now really high, at $1,113,600. And it’s not just Toronto; all over Canada, the prices of homes are getting higher.

Let’s look around Canada and see what’s happening:

• In Hamilton, you’d need to make $169,640, which is $2,540 more than before, to buy a home at the average price of $850,500.
• In Vancouver, you need to earn $232,620 now, up by $2,270, to handle buying a home at the average price of $1,196,800.
• Want to live in Victoria? You’ll need to earn $171,550, which is $2,250 more than last month, for a home at the average price of $861,000.
• Over in Montreal, you need to make $111,550 now, up by $2,150, with the average home costing $531,300.

These big numbers are a heads-up. They show us that we need to be ready and know what we’re getting into with such a tough market.

But not all news is tough. In Halifax, for example, you actually need to earn $350 less than before, at $111,250, even when the average home price went down a little to $529,600.

So, what does this all mean if you’re buying or selling a home in the GTA? It’s super important to know what’s going on and be ready for it. Whether you’re saving up for your first place or you’re hoping to sell your house and buy a new one, knowing how much money you’ll need is key.

The housing market keeps changing, especially in big cities like Toronto. This means that buyers have to be smart and careful when they’re looking at homes.

For anyone who wants to get into the housing market or who lives in the GTA and is thinking about their next move, staying up-to-date with this kind of info is really helpful. As things change, you’ll want to change your plans too, to make sure you’re making the best choices in this busy world of real estate.

Getting into the housing market in Toronto might seem scary, but if you know what you’re dealing with, you can make good plans for buying a home or selling one. Keep learning and keep planning—remember, the more you know, the better you can do!