Housing Affordability in Canada (July 2024)
Vancouver home buyers need an income of at least 6 minimum wages
House affordability in major Canadian cities
| AFFORDABILITY REPORT: JULY 2024 | |||
| CITY | AVERAGE | ANNUAL | |
| HOME PRICE | INCOME REQUIRED | MINIMIUM WAGE | |
| CALGARY | $588,600 | $118,980 | $28,860 |
| EDMONTON | $399,700 | $85,560 | $28,860 |
| HALIFAX | $551,600 | $112,420 | $29,245 |
| MONTREAL | $533,100 | $109,170 | $30,303 |
| OTTAWA | $648,900 | $129,650 | $33,093 |
| TORONTO | $1,097,300 | $208,900 | $33,093 |
| VANCOUVER | $1,197,700 | $226,680 | $33,478 |
| WINNIPEG | $361,600 | $78,820 | $29,437 |
| Source: Ratehub.ca 2024 | |||
NOTES
Estimates are based on a mortgage with 20% down payment, 25-year amortization,
$4,000 annual property taxes and $150 monthly heating.
If you make $15.75 per hour, your Yearly salary would be $30,303. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week. Source: ca.talent.com
