This map shows the average price of a home in every major Canadian city

Nov 16 2016, 2:26 am

After the US election last week, a lot of Americans started thinking about packing up and moving north.

So much so that they crashed the Canadian immigration website.

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Well, that got – 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*.

Keep in mind that Donald Trump’s presidency will likely drive these prices even higher.

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!

Canadian Real Estate

*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.

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