{"id":197829,"date":"2019-11-26T13:41:17","date_gmt":"2019-11-26T18:41:17","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=197829"},"modified":"2019-11-26T14:06:44","modified_gmt":"2019-11-26T19:06:44","slug":"need-earn-buy-average-home-canadas-biggest-cities","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/archives\/need-earn-buy-average-home-canadas-biggest-cities","title":{"rendered":"Here\u2019s how much you need to earn to buy the average home in Canada’s biggest cities"},"content":{"rendered":"

<\/h4>

After a long period of relentless home price increases, affordability is starting to improve in a number of Canada\u2019s most expensive cities. According to the National Bank of Canada\u2019s third quarter Housing Affordability Monitor<\/a>, the housing affordability composite index has backpedaled to historical averages thanks to a rise in incomes and lower mortgage rates. Still, how much you can afford and how long you\u2019ll be saving for your downpayment varies dramatically from city to city.<\/p>\n

Whether you\u2019re moving to a new city or just curious to see how much further your Toronto-earned dollars go just down the highway in Hamilton, we broke down how much you\u2019ll need to earn to afford an average home in Canada\u2019s biggest cities.<\/p>\n

Toronto<\/h2>\n

\"\"<\/a><\/p>\n

Income required for a non-condo home: $188,299<\/em>
\n Average price of a non-condo home: $908,785<\/em>
\n Income required for a condo: $117,235<\/em>
\n Average price of a condo: $555,328<\/em><\/p>\n

To no one\u2019s surprise, Toronto ranks high for pricey Canadian real estate. Saving for a downpayment on a non-condo home takes around eight years and one month at a savings rate of 10 percent in this city. If you simply can\u2019t wait that long, the average condo will take you three years and nine months to save for.<\/p>\n

If you were to buy at the current average prices, you might like:<\/p>\n

This three-bedroom detached at 61 McDonald Avenue<\/a>, asking $918,000.<\/p>\n

\"\"<\/a><\/p>\n

Or, one-bedroom 75 Portland Street #317<\/a>, asking $555,000.<\/p>\n

\"\"<\/a><\/p>\n

Hamilton<\/h2>\n

\"\"<\/a><\/p>\n

Income required for a non-condo home: $128,581<\/em>
\n Average price of a non-condo home: $611,761<\/em>
\n Income required for a condo: $96,425<\/em>
\n Average price of a condo: $454,359<\/em><\/p>\n

Homebuyers looking to save but stay close to Toronto have looked to Hamilton over the last few years for affordable-ish family-sized homes. If you\u2019re in the market for a non-condo, saving for a downpayment will take half the time of Toronto, about four years and eight months. Condo-hopefuls have an easier time saving for a downpayment for the average condo, taking two years and 11 months to save for.<\/p>\n

If you were to buy at the current average prices, you might like:<\/p>\n

This three-bedroom detached at 31 Tidemore Hts<\/a>, for $609,900.<\/p>\n

\"\"<\/a><\/p>\n

Or try this one-bedroom condo at 112 King Street E #604<\/a> for $450,000.<\/p>\n

\"\"<\/a><\/p>\n

Ottawa-Gatineau<\/h2>\n

\"\"<\/a><\/p>\n

Income required for a non-condo home: $95,478<\/em>
\n Average price of a non-condo home: $449,894<\/em>
\n Income required for a condo: $58,733<\/em>
\n Average price of a condo: $276,750<\/em><\/p>\n

With home prices well below those in other major Ontario cities (we\u2019re looking at you, Toronto and Hamilton), affording a home in Ottawa is much more doable. In less than three years, you can scrape together enough for a downpayment on a non-condo home, or one year and nine months if condo living is more your style.<\/p>\n

For that money, you could buy this bungalow at 24 Sunnycrest Drive<\/a>, priced at $449,000.<\/p>\n

\"\"<\/a><\/p>\n

Or, a two-bedroom condo at 152 Boul. de Lucerne #107<\/a> for $274,900.<\/p>\n

\"\"<\/a><\/p>\n

Montreal<\/h2>\n

\"\"<\/a><\/p>\n

Income required for a non-condo home: $81,494<\/em>
\n Average price of a non-condo home: $384,000<\/em>
\n Income required for a condo: $61,101<\/em>
\n Average price of a condo: $287,909<\/em><\/p>\n

Montreal homebuyers are benefiting from lower home financing costs and higher incomes along with the historically much more affordable home prices relative to other major Canadian urban centres. Saving for a home will take you exactly three years, or a little less for condos at two years and three months.<\/p>\n

If you\u2019re looking for a two-bedroom detached, 10520 Rue Rancourt<\/a> is available for $389,000.<\/p>\n

\"\"<\/a><\/p>\n

Or, for condo-dwellers, you could buy 3300 Avenue Troie #203<\/a> for $279,000.<\/p>\n

\"\"<\/a><\/p>\n

Vancouver<\/h2>\n

\"\"<\/a><\/p>\n

Income required for a non-condo home: $219,239<\/em>
\n Average price of a non-condo home: $1,226,762<\/em>
\n Income required for a condo: $127,948<\/em>
\n Average price of a condo: $608,610<\/em><\/p>\n

It\u2019s tough out there for those house hunting on the West Coast. Luckily for condo-shoppers, Vancouver saw the second largest affordability improvement in the condo market since 2009 in the third quarter. It takes about four years and seven months to save for a condo. For prospective non-condo owners, however, the downpayment saving prospects are pretty bleak \u2014 it would take 31 years and six months to save for the average home.<\/p>\n

For $1,225,000, you could buy this four-bedroom detached at 3035 Charles Street.<\/a><\/p>\n

\"\"<\/a><\/p>\n

Or, there\u2019s the one-bedroom\u00a02525 Blenheim Street #403<\/a> going for $609,000<\/p>\n

\"\"<\/a><\/p>\n

Calgary<\/h2>\n

\"\"<\/a><\/p>\n

Income required for a non-condo home: $104,111<\/em>
\n Average price of a non-condo home: $490,576<\/em>
\n Income required for a condo: $54,353<\/em>
\n Average price of a condo: $256,111<\/em><\/p>\n

After years of persistent economic hardship, incomes are rising in Calgary, which means affordability is improving. In just a year and a half, you could scrape together enough for a downpayment on a condo. Non-condo buyers will have to save a little longer, with the average save time just under three years.<\/p>\n

You could buy 120 Strathcona CL SW<\/a>, a three-bedroom detached with potential for two extra bedrooms, listed at $494,900.<\/p>\n

\"\"<\/a><\/p>\n

Or, try 955 McPherson Road NE<\/a>, a one-bedroom condo for $250,000.<\/p>\n

\"\"<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

After a long period of relentless home price increases, affordability is starting to improve in a number of Canada\u2019s most expensive cities.<\/p>\n","protected":false},"author":49,"featured_media":197847,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2019-11-26T18:41:30Z","apple_news_api_id":"76b842de-0a23-4967-9a2b-7f35d6bcdfa7","apple_news_api_modified_at":"2019-11-26T19:06:52Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/AdrhC3gojSWeaK3811rzfpw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\nHere\u2019s 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