"How much you need to earn to buy a house in every major Canadian city"

Source: The Star

 

"Many say property is the best investment you can make. Bursting housing bubbles and mortgage scandals aside, they’re usually right.

The price of making that investment varies widely in Canada, depending on where you live. We looked at how much you need to earn to buy an average-priced house in every major Canadian city.

These numbers are based on purchase price, down payment, rate, utilities, and include a minimum of $100 a month for heating costs, and taxes. The average purchase price per city is gathered from the Canadian Real Estate Association and these prices were in effect 2015.

 

Here is what you need to earn to buy a house in every major Canadian market. (Numbers are rounded to the nearest dollar.)

Vancouver

Average price: $819,336

Monthly mortgage payment: $3,570

Property tax: $251

Income required: $147,023

 

Calgary

Average price: $465,047

Mortgage mortgage payment: $2,026

Property taxes: $236

Income required: $88,578

 

Edmonton

Average price: $365,520

Mortgage payment: $1,592

Property tax: $244

Salary required: $72,617

 

Regina

Average price: $331,161

Monthly mortgage payment: $1,443

Property tax: $378

Income required: $72,028

 

Saskatoon

Average price: $349,322

Monthly mortgage payment: $1,522

Property tax: $366

Income required: $74,546

 

Winnipeg

Average price: $270,605

Monthly mortgage payment: $1,179

Property tax: $274

Income required: $58,235

 

Ottawa

Average price: $357,887

Monthly mortgage payment: $1,559

Property tax: $336

Income required: $74,820.28

 

Toronto

Average price: $587,505

Monthly mortgage payment: $2,560

Property tax: $354

Income required: $113,009

 

Montreal

Average price: $344,273

Monthly mortgage payment: $1,500

Property tax: $237

Income required: $68,884

 

Halifax

Average price: $264,447

Monthly mortgage payment: $1,152

Property tax: $266

Income required: $56,929"

 

Source: The Star

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Kylie Rohr

Kylie Rohr

Sales Representative
CENTURY 21 Home Realty Inc., Brokerage*
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