How to Afford a House in Toronto

August 29, 2017 | Karolina

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House for sale

I recently read a Toronto Star article about the cost of housing and how "it takes a six-figure income to afford virtually any Toronto area home — even a condo."

That figure is shocking! I was lucky enough to invest in a condo a few years ago, before the pricing boom, but I am baffled at who, and which profession, can possibly afford property in this city today. So I did some digging and came across a recent BlogTO article that revealed the top paying jobs in the city and ones which might actually allow you to buy a house in Toronto:

  • Cardiology Physician
  • Radiologist
  • Associate Professor
  • Oncologist
  • Physician
  • Vice President of Finance
  • Chief Medical Officer
  • Vice President of Business Development
  • Chief Estimator
  • Director of Accounting

Most of these professions require advanced post-secondary education and fall under the medical and financial sector. To learn about these professions, the library has resources that can help you:

Career Cruising

If you want to stay in Toronto and make enough money to afford a house/condo, this database is a great place to start your research to explore and figure out which career is suitable for Toronto's financial market.

By typing in a career in the search bar or finding one using the alphabetical index (click on the "Careers" tab at the top) , this database is great in outlining things like:

  • the career path 
  • average salary  
  • type of schooling that is required (with links to various school programs and degrees)

snapshot of a career profile for an oncologist from the career cruising database

There is also an option to add in various filters (ex. School Subjects, Career Clusters, Type of Education, Working Conditions) but by searching just by "Earnings" there are 92 career matches that offer a salary of $60,000 or more per year:

92 career matches with a salary of $60000 or more

To access this database and to see the full list of 92 career matches:

  1. Visit www.torontopubliclibrary.ca and in the search bar enter "career cruising" and click "search"
  2. Click on "Access Online" under "Career Cruising" and enter your Library card number and PIN
  3. From the Career Cruising database homepage click on the "Careers" tab at the top
  4. Select "Career Selector" 
  5. Click through the tabs on the left and select which filters you would like to add.

To learn more about using our Career Cruising online resource, you can also watch our video tutorial.

If you are looking for a book to help guide you on changing careers, one of these titles might also be of help:

Resumes for mid-career job changes : with sample cover letters  The mid-career success guide : planning for the second half of your working life by Sally J. Power  Resumes for mid-career job changes

Learning Express Library

A lot of the high paying professions require entrance exams before being admitted to a school. The Learning Express Library database offers practice tests and answers for all ages for such tests as LSAT, MCAT, GMAT, SAT, GED and more. Visit the Learning Express Library database here.

Also check out some of our books:

  MCAT 528 : advanced prep: 2018-2019  GMAT prep plus 2018.  Barron's LSAT : Law School Admission Test by Jay Cutts

Toronto Real Estate Board

And if you can't or don't want to change your career, another option is to consider moving to another city. The Toronto Real Estate Board is a great place to visit to obtain home price index reports on the current market. These reports are published every month and provide prices for various types of housing in the Toronto area, or Toronto Ward, and can give you an idea of a more affordable city to live in:

Snapshot of Toronto Real Estate Board report on index and benchmark prices for july 2017

Happy researching!

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