Fantasize about owning a home in Canada? Times are tough, but if you’re willing to pack your bags and start anew, you may see your picket fence dreams become a reality.
RateHub, a mortgage comparison site, broke down the minimum annual income required to buy the average home in cities across Canada and what they found may surprise you!
As it turns out, the market actually improved for buyers between December 2023 and January 2024 when the data was gathered.
“The income required to purchase a home decreased in every city we looked at,” said James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender.
“In cities where home prices increased, the drop in interest rates was enough to offset the price increases such that affordability still improved.”
So what do you need to make from coast to coast?
According to the company, landmark destinations like Vancouver and Toronto are still pricy – but have seen some improvements!
“The largest improvement was seen in Vancouver, where the average home price declined by $7,400 to $1,161,300, resulting in $9,620 less income required to purchase a home,” they explained in the report.
“Toronto ranked third in terms of improved affordability, as the average home price dipped by $1,400 to $1,065,800. As a result, a borrower looking to buy a home there requires $7,800 less in income than they would have in December.”
As for the other cities? Places like Fredericton and Regina gave us hope, with the income needed to purchase a home averaging out to $67,380 and $70,230 respectively.
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Of course, it’s important to always keep an eye on these things though. Conditions may feel warmer today, but tomorrow could bring great change!
If however, you’re looking for something smaller than a house, Zoocasa published a similar report in which they broke down the most and least affordable cities in Canada to buy a condo on a single income.
Good luck and happy home shopping, Canada!
