Well, that got RentSeeker.ca – Canada’s largest real estate search website and apartment finder – thinking about what it actually costs to live in Canada. More specifically, what the average house costs in every major Canadian city and therefore how much your annual household income needs to be to buy one of those houses*.
A few interesting (and expected) takeaways from the info below:
Vancouver’s average home is the most expensive in Canada
An average home in Toronto will only cost you just $2,000 more than one in Abbotsford
Fredericton is the cheapest provincial capital to call home
It costs almost twice as much to buy in Mississauga as it does in Montreal
A home in Calgary is almost half as much as one in Kelowna
If you want to buy an average home in Vancouver you need a household income of more than $140,000 a year + 20% downpayment
To be able to afford a million dollar home anywhere in Canada you need to be pulling in roughly $170,000 + have a $200,000 downpayment lined up
Happy house hunting, Canada!
*Based the downpayment on 20% downpayment using CMHC requirement for minimum down payment for no mortgage insurance. The housing prices were based on CREA (Canadian Real Estate Association) and CMHC data.
Daily Hive Staff
Launched on June 1, 2016, Daily Hive is the evolution of Vancity Buzz and is now in Vancouver, Calgary, Toronto, and Montreal.