Trying to Decide on Where to Buy a Home? Here’s How Much You Need to Earn in Every Major Canadian City

Real estate research tells people that investing in property is one of the best decisions you can make. This is known to be true aside from the economic crises that have affected every aspect of the Canadian economy. The price of investing in a home varies across Canada and depends on where you live. In order to calculate the amount of income you need to understand and know the purchase price of the home you’re interested in, the down payment, taxes, rate, utilities, and how much mortgage you need to qualify for per month, which needs to include a minimum of $100 per month for heating or cooling costs.

The average price of a home per city according to the Canadian Real Estate Association is determined by the property tax rates. For example, if the interest rate is 2.99% (which is the average qualifying rate for a 5-year fixed term and the down payment required is 10% of the purchase price and calculated a $100 a month fee for utilities, this will help you understand and figure out how much per month you will be spending on your home. Other factors you also need to focus on will include: the total month payment obligation from your credit care and how it will determine your mortgage qualification, LOC’s, personal and car loans, whether your car is leased and other types of credit that require a monthly payment.

Here are some examples of what you would need to earn if you wanted to purchase a home in each major Canadian real estate market:

Ottawa:

  • Average price-$357,887
  • Monthly mortgage payment-$1,559
  • Property taxes-$336
  • Income required-$74, 820.28

Edmonton:

  • Average price-$365,520
  • Mortgage payment-$1,592
  • Property taxes-$244
  • Income required-$72,647

Winnipeg:

  • Average price-$270,605
  • Monthly mortgage payment-$1,179
  • Property taxes-$274
  • Income required-$58,235

 Calgary:

  • Average price-$465,047
  • Monthly mortgage payment-$2,026
  • Property taxes-$236
  • Income required-$88,578

Saskatoon:

  • Average price-$349,322
  • Monthly mortgage payment-$1,522
  • Property taxes-$366
  • Income required-$74,546

Regina:

  • Average price-$331,161
  • Monthly mortgage payment-$1,443
  • Property taxes-$378
  • Income required-$72,028

Vancouver:

  • Average price-$819,336
  • Monthly mortgage payment-$3,570
  • Property taxes-$251
  • Income required-$147,023

Toronto:

  • Average price-$587,505
  • Monthly mortgage payment-$2,560
  • Property taxes-$354
  • Income required-$113,009

Montreal:

  • Average price-$344,273
  • Monthly mortgage payment-$1,500
  • Property taxes-$237
  • Income required-$68,884

Halifax:

  • Average price-$264,447
  • Monthly mortgage payment-$1,152
  • Property taxes-$266
  • Income required-$56,929

 

Source: Toronto Star

 

 

 

Rajat Pathak
Sales Representative 

 

CENTURY 21 Miller Real Estate Ltd. 
Brokerage Independently Owned and Operated
#4 Office in Canada 
By Production CENTURY 21 Canada 2013
467 Speers Road, 
Oakville, ON L6K 3S4
Direct: 647.233.2777

 

Email:  rajsells@live.ca
www.century21.ca/rajat.pathak

 

 

 

Rajat Pathak

Rajat Pathak

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
Contact Me

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