Housing Affordability in Canada (August 2024)
Toronto home buyers must earn over $200K/year
House affordability in major Canadian cities
| AFFORDABILITY REPORT: AUGUST 2024 | |||
| CITY | AVERAGE | ANNUAL | |
| HOME PRICE | INCOME REQUIRED | MINIMIUM WAGE | |
| CALGARY | $586,100 | $117,360 | $28,860 |
| EDMONTON | $400,200 | $84,850 | $28,860 |
| HALIFAX | $543,700 | $109,940 | $29,245 |
| MONTREAL | $535,700 | $108,550 | $30,303 |
| OTTAWA | $646,000 | $127,830 | $33,093 |
| TORONTO | $1,082,200 | $204,100 | $33,093 |
| VANCOUVER | $1,195,900 | $224,000 | $33,478 |
| WINNIPEG | $361,800 | $78,820 | $29,437 |
| 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.
