In Canada's 10 Most Affordable Cities You Can Pay A Mortgage With Only 15% Of Your Income

One of them only requires 10% of your income to cover your mortgage!
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. 

Editor's Choice: New Data Has Just Revealed That These 16 Canadian Cities Are 'Unaffordable'

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. Point2Homes

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. 

More from Narcity

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.