First-time homebuyers find it harder to afford homes in part of the GTA
Durham Region, Kawartha Lakes among the least affordable areas for first-time buyers, RE/MAX report shows
First-time homebuyers in the Durham Region, Kawartha Lakes and Peterborough are facing some of the toughest affordability challenges in the country.
Those areas are among the least affordable places in Canada for first-time buyers, according to the RE/MAX 2023 Housing Affordability Report, which was released Wednesday.
The report found that the median price of a home in the Durham Region is now $875,000, up 14.7 per cent year-over-year. In Kawartha Lakes, the median home price is $650,000, up 18.2 per cent year-over-year. And in Peterborough, the median home price is $585,000, up 12.9 per cent year-over-year.
These price increases are making it increasingly difficult for first-time buyers to enter the market.
According to the report, the average household income required to purchase a home in the Durham Region is now $131,325, up 10.7 per cent year-over-year. In Kawartha Lakes, the average household income required to purchase a home is $102,514, up 15.4 per cent year-over-year. And in Peterborough, the average household income required to purchase a home is $92,101, up 11.1 per cent year-over-year.
These income thresholds are out of reach for many first-time buyers, who are often saddled with student debt and other financial obligations.
The report also found that the supply of homes for sale in the Durham Region, Kawartha Lakes and Peterborough is shrinking.
In the Durham Region, the number of homes for sale is down 32.8 per cent year-over-year. In Kawartha Lakes, the number of homes for sale is down 38.9 per cent year-over-year. And in Peterborough, the number of homes for sale is down 27.2 per cent year-over-year.
This lack of supply is putting upward pressure on prices and making it even more difficult for first-time buyers to find an affordable home.
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