Buying a home in Canada can seem like an impossible task for a lot of Canadians — and it's not hard to see why.
A recent report by ratehub found that individuals hoping to buy their own home in many Canadian cities would actually need to earn a six figure salary to afford it.
Canadians who want to buy a home in Vancouver, perhaps unsurprisingly, will need to have the highest income to afford to buy a property. That's because, according to ratehub's data, a yearly salary of $231,950 is needed to afford a home in the B.C. city. Eek!
After that comes Toronto, where potential homeowners would require an income of $226,500 a year for a chance.
But, these massive salaries are not only needed in the country's biggest cities.
Buying a home in smaller spots like Victoria also apparently requires a six-figure income – $187,980 to be exact.
This is the case in Halifax too, where your income has to be at about $110,580 and in Calgary, where you'll need to earn $108,050.
Other cities that have a salary requirement of over $100,000 are Montreal ($110,900) Ottawa ($137,050) and Hamilton ($179,060).
The only spots on the list that don't require residents to have such a significant income are Edmonton and Winnipeg, where you'd need to earn around $86,770 and $78,270 respectively.
While still high, these seem a lot cheaper when compared to the other options.
The cost of home ownership in Canada is up since March 2022, after house price increases and interest rates hikes.
Housing affordability is something that is top of mind for many Canadians, with a recent study finding that 64% of prospective homeowners would consider relocating to buy a cheaper home.
A bunch of Canadians are also abandoning the idea of homeownership altogether, resigning themselves to renting for life because property prices are so high.
But, things don't have to be so bleak. There are still a few markets in Canada that are still somewhat affordable, plus the federal government has programs and strategies to make housing more affordable.
This article's cover image was used for illustrative purposes only.
Here's How Much You Need To Make To Afford A Home In Cities Across Canada & Oh F*ck
Source: News Article Viral
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