In Canada's 10 Most Affordable Cities You Can Pay A Mortgage With Only 15% Of Your Income
New data has revealed Canada's most affordable cities for buying homes and the mortgage payments would take up only a tiny fraction of your income.
The data put forth by Point2Homes shows that nine out of these ten cities have median incomes that are increasing faster than home prices.
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Halifax, NS, is the most affordable city of the 50 markets in the study. The average mortgage here takes up 10.8% of the median household income.
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The most affordable markets are as follows:
- Halifax, NS
- Windsor, ON
- London, ON
- Quebec, QC
- Oshawa, ON
- Saguenay, QC
- Sherbrooke, QC
- Winnipeg, MB
- Regina, SK
- Trois-Rivieres, QC
In Trois-Rivieres, the least affordable city on the list, an average mortgage takes up only 14.5% of a household's income.
In comparison, Burnaby, B.C. is at the top of the list when it comes to unaffordable markets.
Mortgages in Burnaby take up 44.7% of household income.
The study shows that Burnaby locals would need to make about 54% more to afford the local housing market.
So, if you're looking to buy a home and you don't have a big old trust fund, you may want to take a gander at real estate in the most affordable markets in Canada.