How much do you need to make in order to purchase a home in Canada? A new report is out comparing average home prices in Canada to how much annual income is needed to afford a single-family home.
It’s a bit of a stretch to call the housing market in Canada affordable but if you’re willing to make the move out of the busiest cities, especially if you’re interested in buying your first home, you may think it is.
Real estate website Zoocasa has released its latest Canadian housing report, analyzing how much income is needed to afford a home at the benchmark price.
As you may have already guessed, you’ll need to be earning a whole lot of cash to afford a home in Vancouver, Toronto, and Victoria.
Upwards of about $1700,000 yearly annual income is needed in order to afford a single-family home in these cities. Look elsewhere across Canada, and luckily for you, that’s not always the case.
In cities like Montreal, Edmonton, Winnipeg, and Saskatoon, you won’t need to make as much compared to Canada’s major cities, but if you’re willing to make the move, their benchmark prices are pretty attractive.
Take a look at how much annual income you need to make in Canada to afford a single-family-home in these cities:
Vancouver is looking at about a $280,125 annual income to afford a house at the benchmark price – $1,811,900. Victoria falls at about $100K less, with an annual income of $172,088 needed for a home of about $1,113,200.
The province of Alberta is looking nicer with homes in Calgary needing an annual income of about $90,375 whereas Edmonton is much less, standing at $63,450.
Thinking of Saskatchewan? You might have a better chance of affording a single-family home in Saskatoon with an annual salary of about $62,725. Regina stands at about $49,725.
Winnipeg, although sometimes overlooked, an income of $53,475 is required to afford a home at the benchmark price of $345,800.
Oh, Ontario. Let’s cut to the chase, an income of $97,125 is needed for homes at the benchmark price in London, $106,425 in Ottawa, $127,700 in the Kitchener-Waterloo area, $138,788 in Hamilton, and Toronto? You’re looking at about $200,063. We’ll keep on dreaming.
Montreal’s looking at about a $91,125 to afford a home at the benchmark price.
Rest of Eastern Canada
To buy a single-family home in St John’s, an income of $50,213 is needed, whereas $75,975 is needed in Halifax and $41,588 in Saint John.
Check out the full chart below:
Good luck to all you future homebuyers!