The Salary You Need To Buy a House In Every Major Canadian City

Article written by Angela Hydes, Marketing and Content Contributor. Follow us at @TALGroup.

If you are a Millennial living in Toronto or in any major Canadian city, you likely gaze toward an endless skyline of condo towers and town homes and find yourself thinking: when will it be my turn? 

The Canadian housing market is in a bubble – one that is predicted to burst in the coming months. According to the CREA, the average price of a Canadian house is $480,743 – a price that varies considerably by city and province.

Workopolis released a fantastic article that summarizes not only the cost of homes in every major Canadian city, but also the salaries required to afford them. The list accounts for both the initial deposit required to purchase, along with the monthly mortgage fee (it uses a 2.49% interest rate as a base).

We have included their full city & house list below, for your reading enjoyment. Do any of their results surprise you?

downtown-vancouver-skyline-morning
The average income required to purchase a house in Vancouver, BC is $152, 206. Median family income required is $76, 040. Image Credit: VinceChow.ca

Vancouver

  • Average price: $1,007,687
  • Monthly mortgage payment: $3,693
  • Monthly property tax: $265
  • Income required: $152,206
  • Median family income: $76,040

Calgary

  • Average price: $469,325
  • Monthly mortgage payment: $1,935
  • Monthly property tax: $241
  • Income required: $107,123
  • Median family income: $85,366

Edmonton

  • Average price: $384,504
  • Monthly mortgage payment: $1,586
  • Monthly property tax: $256
  • Income required: $72,812
  • Median family income: $101,470
seoulskyline
The average income required to purchase a house in Regina, SK is $65,881. Median family income required is $96,080. Image Credit: RWRant

Regina

  • Average price: $314,714
  • Monthly mortgage payment: $1,298
  • Monthly property tax: $359
  • Income required: $65,881
  • Median family income: $96,080

Saskatoon

  • Average price: $346,879
  • Monthly mortgage payment: $1,430
  • Monthly property tax: $363
  • Income required: $71,006
  • Median family income: $93,400

Winnipeg

  • Average price: $282,684
  • Monthly mortgage payment: $1,166
  • Monthly property tax: $286
  • Income required: $58,191
  • Median family income: $79,850
maxresdefault.jpg
The average income required to purchase a house in Ottawa, ON is $74,216. Median family income required is $102,020. Image Credit: YTming

Ottawa

  • Average price: $374,431
  • Monthly mortgage payment: $1,544
  • Monthly property tax: $335
  • Income required: $74,216
  • Median family income: $102,020
toronto_condo_skyline1600x1000_55
The average income required to purchase a house in Toronto, ON is $74,216. Median family income required is $102,020. Image Credit: AgentCondo

Toronto

  • Average price: $709,825
  • Monthly mortgage payment: $2,927
  • Monthly property tax: $406
  • Income required: $128,746
  • Median family income: $75,270

Montreal

  • Average price: $349,218
  • Monthly mortgage payment: $1,440
  • Monthly property tax: $240
  • One-time “welcome tax”: $3750
  • Income required: $78,473
  • Median family income: $75,010

Halifax

  • Average price: $292,511
  • Monthly mortgage payment: $1,206
  • Monthly property tax: $294
  • Income required: $56,929
  • Median family income: $60,010
St-Johns-Newfoundland-and-Labrador.jpg
The average income required to purchase a home in St. John’s, NF is $54,717. Median family income required is $94,060. Image Credit: Cox and Kings

St. John’s

  • Average price: $304,115
  • Monthly mortgage payment: $1,254
  • Monthly property tax: $205
  • Income required: $54,717
  • Median family income: $94,060

Keeping this in mind, it might be time to try for a salary negotiation

Source: Workopolis

If you would like to discuss next steps in your career path, don’t hesitate to reach out. One of our recruitment experts would be happy to review your resume and discuss options, your expectations and professional goals.  Call us at (416) 599 1825 or e-mail us here

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