Who would've thought? 🏠
It turns out that Canada is one of the most affordable places to buy a house in the entire world — yes, you read that right.
A new study from Roofing Megastore, a British building supplier, looked at how much homes cost on average in 109 countries as compared to the average salary in each country, and Canada ranked as the 14th most affordable place for buying a home.
According to the report, the average price for a 1,000-square-foot home in Canada is about $498,000, and the average yearly salary is just over $42,000 — meaning the average salary equals 8.53% of the average cost of a home.
Canada ranks below Saudi Arabia, South Africa, the U.S., Puerto Rico, the United Arab Emirates, Palestine, Oman, Iceland, Cyprus, Qatar, Ireland, Denmark and Belgium.
The U.S. ranked third with the average yearly salary equalling 15.01% of the average cost of a 1000-square-foot home.
You might not expect Canada to be one of the most affordable counties in which to buy a home because recent reports have shown that it's getting even more expensive to purchase a place to live.
The cost of a home in Canada is expected to soar past $750,000 by the end of 2021, while Vancouver and Toronto were ranked as two of the top three least affordable cities in North America when it comes to housing, and parents across the country spent $10 billion to help their kids buy homes this year!