How much income do you need to afford a home?

The income required to buy a home in Canada varies widely depending on the market, from under $40,000 in Trois-Rivières to more than $320,000 in West Vancouver. A report in the Financial Post shows that in Calgary you’ll need more than $87,000, almost $75k in Edmonton, $74k in Saskatoon, just under $59k in Winnipeg, more than $126k in Toronto, $69k in Montreal, $almost $57 in Quebec and just over $56k in Halifax. The figures are based on average home prices in each market, a 5-year fixed rate mortgage at 2.74 per cent, 5 per cent downpayment, insurance and property taxes.

Source:

http://www.mortgagebrokernews.ca/news/how-much-income-do-you-need-to-afford-a-home-189499.aspx 

Bahador Abadi

Bahador Abadi

Real Estate Broker
CENTURY 21 Immo-Plus
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