Average total income was sourced from Stats Can. The average monthly rent, sourced from Rentals.ca's latest rent report, represents the average cost of both 1-bedroom and 2-bedroom apartments. Average condo apartment prices were sourced from the latest release from the Toronto Regional Real Estate Board (TRREB). The maximum mortgage amount was calculated using the True North Mortgage "How much home can you afford" calculator, assuming a 5-year fixed rate of 4.29% and an amortization period of 25 years. Taxes, insurance, heating and other expenses or debts were not factored in the calculation.
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