Housing Affordability in Canada (May 2024)
Toronto home buyers must earn over $215,000/year
House affordability in major Canadian cities:
| AFFORDABILITY REPORT: MAY 2024 | ||
| CITY | AVERAGE HOME PRICE | INCOME REQUIRED |
| CALGARY | $587,100 | $120,520 |
| EDMONTON | $392,700 | $85,540 |
| HALIFAX | $539,200 | $111,890 |
| MONTREAL | $534,300 | $111,010 |
| OTTAWA | $651,300 | $132,060 |
| TORONTO | $1,117,400 | $215,920 |
| VANCOUVER | $1,212,000 | $232,950 |
| WINNIPEG | $358,300 | $79,350 |
| Source: Ratehub.ca 2024 | ||
NOTE: Estimates are based on a mortgage with 20% down payment, 25-year amortization,
$4,000 annual property taxes and $150 monthly heating.
