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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Lower Burlington, Boharm, Bella Coola, South Haven, Lower Clarks Harbour
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.