Buying A House In Canada Is Easier Now & Here's How Much You Need To Earn In Major Cities
A look at the cheapest and most expensive real estate markets in the country. 👇
A collection of real estate signs. Right: Houses in Montreal.
There's good news for those looking to buy a house in Canada, as the prices across all major markets in the country have gone down over the last few months.
According to a new report by RateHub.ca, housing prices in 10 major cities have dropped from August to October.
With that, Canadian real estate just got a lot more affordable, with people needing less income to qualify for a mortgage than they did over the summer.
With this comes a great opportunity for anyone looking for a nice place to live!
So, here's a look at some of the cheapest and most expensive major cities in Canada to get property right now, along with a breakdown of how much you'd have to be earning to afford it.
What is the cheapest city to buy a house in Canada?
According to RateHub.ca's report, Winnipeg, Manitoba is the cheapest major city of the 10 surveyed, for anyone looking to buy a house, with an average home cost of $337,400. And that's after a decrease of $9,100 since August of 2022.
That means that an average income of $75,320 is needed to secure that mortgage.
After that, the second cheapest place to buy a home is Edmonton, where the average home price is $372,400, a whopping step down of $20,000 from earlier this year.
All it needs is an income of $81,600 to be affordable.
The third cheapest on the list is Halifax. The Nova Scotian city had the average home price go down by $27,300, bringing it to $484,800. This is the second biggest price drop, of the 10 cities surveyed.
This would require a six-figure income of $101,750 to be able to secure and maintain that mortgage.
What is the most expensive city to buy a house in Canada?
The most expensive city to buy a home in Canada is none other than Vancouver, the report notes, with the average home price sitting at $1,148,900.
This means that you need an income of $220,700 to afford the place. And that's after a home price decline of $31,600!
Next up is Toronto, which isn't far behind, with the average cost of a house being $1,098,200, after prices dropped by $26,400. So, if you want to buy a place in the 6ix, you better be making around $211,650.
After these two major population centres, the third most expensive major market in Canada is Victoria, B.C., where buying the average home is going to cost you $915,300.
And this is after prices have fallen by $38,500, the biggest drop experienced by all of the cities studied. You would still need an income of $178,890 to afford the place.
The cities that sit in the middle of these extremes are Hamilton with an average house price of $836,800 after a drop of $25,500.
Montreal and Ottawa both saw decreases of $18,900 and $19,400 respectively. Bringing the Montreal home price down to $504,800 and the Ottawa one to $630,800.
Finally, Calgary saw one of the lowest decreases in house prices, with rates only going down by about $8,300, making the average $513,000.
Even with the decrease in prices, these numbers might still have you wincing.
Luckily, there are many government programs to help you save money to put towards a house, including a tax-free home savings account.
This article's cover image was used for illustrative purposes only.