A new Infographic
created by Rentseeker.ca
and Blue Chip Mortgage demonstrates just how out of reach these homeownership dreams are for Canadians across Canada, comparing what it actually costs to buy a home in each market versus how much income you actually need to have.
It won’t come as a surprise to anyone that prospective homeowners in Vancouver
will be the most strapped: the required annual income to be able to afford a home in West Vancouver is $320,932, since the average house price in the area is $1,757,700.
Other neighbourhoods in Vancouver
are slightly more affordable with the average required annual income for buying anywhere in the city is $152,145.
has a significant lead over another hot market on the other side of the country. Toronto
’s required income for homeowners is $126,530, with an average house price of $630,858.
The GTA area
with the biggest discrepancy is Vaughan, Ont.
with needed income reaching $140,804 and average home prices at $717,414.
The most affordable places to buy a home in Canada, when you compare required income to average home price, are: Windsor, Ont.
; Thunder Bay, Ont.
; Trois-Rivieres, Que.
; Saguenay, Que.; and Sherbrooke, Que.
See the full infographic
To find out more details about current average house prices across Canada, check out CREW's free online investment hotspot tool.
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As Canadian house prices continue to rise, the dream of homeownership remains out of reach for many Canadians – good news for investors who have a larger pool of renters to choose from.