Housing Needs

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Affordability by Ownership Income Deciles  As per the PPS, Affordable Ownership Housing is defined as the least expensive of:  Housing that is affordable for those below the 6th income decile or housing which is 10% below the average resale home. Bill 23 has revised this to housing which equates to 80% of the average resale home price.  As reported by The Lakelands Association of Realtors, the average resale price in Collingwood as of January 2023 was $676,900.  The above would translate into an affordable purchase price of $609,210 based on the former PPS definition and $541,520 based on the Bill 23 definition.  Notwithstanding the above, $366,704 is the price affordable to someone earning in the 6th income decile. Ownership Affordability Thresholds, Town of Collingwood Income Group Decile Group All Household Income Affordable Purchase Price1 1st $30,483 $102,233 Low 2nd $45,062 $151,126 Income 3rd $58,757 $197,057 4th $73,999 $248,173 Affordable to 6th Income Decile Moderate Income 5th $90,565 $303,734 6th $109,341 $366,704 7th $130,326 $437,081 High 8th $161,251 $542,713 Bill 23 Definition (80% of average) Income 9th $214,264 $728,864 Former PPS Definition (90% of average) Notes: 1. Incomes from 2021 Census of Canada Custom Tabulation, inflated to 2022 using CPI (Canada). Assumes shelter costs do not exceed 30% of gross household income. Shelter costs include mortgage

housing_needs_assessment_2023#p13.0

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