We always knew the price of property in Vancouver was astronomical (the average price of a detached home has now risen above $1 million).
And that renting in Toronto versus buying is highly appealing for much the same reason.
It’s also no secret that that Montreal basks in one of the country’s most affordable housing markets and that Calgary, Canada’s hottest market, has seen a sharp rise in home prices year after year since the Alberta oil boom started to roll.
But unless your math skills are sharp, knowing the average price of a home in any given Canadian city only gets you so far.
A deeper look at numbers by Workopolis.com using Toronto mortgage broker Adrian Williams’ nifty purchase financing calculator paints a much clearer picture of just how much money one needs to purchase a home.
And it’s pretty black and white; this is how much you need to earn to buy a house in 10 of Canada’s largest urban centres…
Average price: $587,505
Monthly mortgage payment: $2,560
Property tax: $354
Income required: $113,009
Average price: $344,273
Monthly mortgage payment: $1,500
Property tax: $237
Income required: $68,884
Average price: $819,336
Monthly mortgage payment: $3,570
Property tax: $251
Income required: $147,023
Average price: $465,047
Mortgage mortgage payment: $2,026
Property taxes: $236
Income required: $88,578
Average price: $365,520
Mortgage payment: $1,592
Property tax: $244
Salary required: $72,617
Average price: $331,161
Monthly mortgage payment: $1,443
Property tax: $378
Income required: $72,028
Average price: $349,322
Monthly mortgage payment: $1,522
Property tax: $366
Income required: $74,546
Average price: $270,605
Monthly mortgage payment: $1,179
Property tax: $274
Income required: $58,235
Average price: $357,887
Monthly mortgage payment: $1,559
Property tax: $336
Income required: $74,820.28
Average price: $264,447
Monthly mortgage payment: $1,152
Property tax: $266
Income required: $56,929
Now, if only there were a calculator to tell us how much we need to earn annually to afford 52 Saturday night bar tabs a year…
All figures provided by Workopolis.com.