This is what Ontarians are saying about being able to afford a house

TORONTO -

Many Toronto families and professionals with stable salaries are increasingly finding home ownership out of reach, some sharing their struggles to make buying a house a reality.

The problem is highlighted by CTV News’ Chief Financial Commentator, who says making $75,000 a year isn’t enough to buy a home, possibly not even a condo in Toronto.

CTV News Toronto spoke with renters in the Yonge and Eglinton area.

Zoe Keefer, 32, is expecting her first child in January. Keefer and her husband moved from the west-end to Yonge and Eglinton to get more space in their rental — and would like to own a home, but the prospect feels out of reach.

“Each bedroom you need adds an extra $1,000 [to the rent] often, and I was just thinking about really wanting a home with a few bedrooms, maybe even a basement, just so that you can fit your family and enjoy life. That just feels very unattainable.”

Keefer said they are both well educated and expects their income to hover around $150,000.

Will ever be possible to own a home in Toronto if you're a single-income earner making around $75,000? (Pexels)

“I think for us, because it’s been so many years of paying really exorbitant rent prices, our disposable income is not enough to generate a down payment and our parents aren’t in a position to give us a gift,” she said. 

Keefer said she has a lot of friends who had babies in the past year and started families in one-bedroom apartments. She wants to stay in the city, but is also thinking about the fact it may not be doable down the road, if her family need another bedroom, for another child.

Mark Jenkie is in mid-30s, works full-time in the medical education admin field and is going to school part time. He’s trying to save and make more money.

He said he loves living in the city but it’s also frustrating, upsetting and daunting to live in a city where working people with good jobs can’t get into the market.

“I’ve lived in the same apartment for like 9 years,” he said. “I’m not making $75,000 a year and I cannot afford it and it’s not even in my grasp. I think if you’re not part of dual income situation it’s almost impossible to own anything in Toronto.”

Single mom of four Stephanie Douglas said owning a home or condo is also unattainable as her salary goes toward living ‘day-by-day’. She makes around $50,000 a year.

“I would like to give them that opportunity but the prices of houses keeps rising, I can’t afford that,” said Douglas.

“My hope is that my children will do better than I do, because I can’t do it for them. Hopefully they can do it for themselves.”

STRUGGLING TO OWN OUTSIDE TORONTO

Even outside of Toronto, some professionals like Steven Gill, 30, in Oshawa are struggling to figure out a way to own a home. 

Gill works for the municipality and teaches at Durham College and makes more than $75,000 a year.

“I’m having a trouble getting a down payment. That’s where I’m stuck.”

He said he didn’t expect prices in the east GTA to increase as much as they have or even think about having to buy a place further east or north to make owning possible. 

He would like to see banks view renters making regular payments differently.

“I have proof that I’ve never missed that payment, I don’t see why banks wouldn’t take a chance on a customer like that, when they lock me in a mortgage. Lock me in as a customer for 30-35 years, whatever it might be,” said Gill.

HOW TO MAKE IT HAPPEN

One woman also in her 30s, told CTV News Toronto she and her husband purchased a house in Toronto earlier this year.

She said they managed to buy after each owning their own condos and using the money from their sales to purchase the house. She said starting the process now to own the home would be difficult.

Lovett-Reid said to buy a $1 million home people need about $200, 000 of income per year.