A new analysis of Canada’s housing market reveals the cities where affordability is at its worst. Rentseeker has compiled its rankings using data from Canada Mortgage and Housing Corporation together with the Canadian Real Estate Association. It found, unsurprisingly, that Vancouver’s homes are the least affordable relative to average income, when heating costs and property taxes are factored in. A buyer would need to earn $120,297 to buy a home at the average market price of $909,293. The figures assume a 25- year mortgage at a rate of 2.5 per cent with a 20 per cent downpayment.
In Toronto a salary of $87,404 is required for the average $641,617 home cost; in Quebec City $41,809 is needed for a $270,506 home; in Saskatoon $50,904 is needed for a $344,527 average home; in Calgary it’s $65,420 for a $375,619 home; in Halifax it’s $43,908 for a $287,594 home.
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