We all know how expensive it is to live in Canada’s urban centres.
It’s partly our fault, of course, given that we spend around two years’ wages on restaurant tips alone over a lifetime, but it also doesn’t help that we live in one of the most unaffordable housing markets in the world.
RentSeeker.ca – Canada’s largest real estate search website and apartment finder – has just released its annual breakdown of average house prices in Canada, as well as the salary required to purchase a home.
And things look bleak.
A few interesting points:
– A home in Toronto will only cost you $2,000 more than one in Abbotsford, B.C.
– Mississauga is almost twice as expensive as Montreal
– Fredericton, N.B. is the cheapest provincial capital to buy a house.
– It costs more than twice as much to live in Vancouver and Toronto as it does Montreal.
– A home in Calgary is almost half as much as one in Kelowna, B.C.
– The requisite for a million-dollar home anywhere in Canada is a roughly $170,000 salary plus a $200,000 downpayment.
That’ll keep the Americans out.