Home ownership can feel like an elusive dream for a lot of people, but have you ever wondered exactly how much money you need to make to afford a house in Brampton? Zoocasa.com recently released a report breaking down the average annual income needed to afford a house in Brampton’s 10 neighbourhoods.
Zoocasa used data from the Toronto Real Estate Board to decide the market value for four types of homes — detached, semi-detached, townhouses and condos.
The data is calculated based on a 20 per cent down payment on a 30-year mortgage with a 3.58 per cent interest rate — the current average rate through the Bank of Canada.
Based on the data, the most affordable place to buy a house in Brampton is the Grahamsville, Gorewood Acres area which is located in the city’s southeast corner. This area requires a minimum income of $67,904, and homes go for an average price of $484,981.
The city’s most expensive area — Castlemore, Valley Creek — sits just next door in the northeast corner. You’ll need a minimum annual household income of $133,671 to live here. To purchase a home you’re looking at average home prices hovering close to a million, at $954,699.
The Alloa area in Brampton West and Lundy Village/Spring Valley also sit at the top of the list, with average incomes hovering around $104,000 and home prices at an average of $745,000.
But when it comes to other affordable areas, the numbers take a bit of a leap. The rest of the most affordable neighbourhoods on the list — Madoc, Bramalea and Peel Village — require at least a yearly salary of $80,000 and homes cost an anywhere between $575,000 to $600,000.
The majority of Brampton’s neighbourhoods require an annual income of at least $100,000 and home prices cost an average of $720,000 on the low end, and $740,000 on the high end.