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Summary

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
Adeliepenguin | Dreamstime Roxana Gonzalez | Dreamstime
Contributor

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. 

From Your Site Articles
Real EstateCanada
  • Britanny Burr
    Britanny Burr was a Staff Writer at Narcity Canada, who drove growth within Narcity's Western coverage and readership. Having lived between her hometown, Canmore, Alberta and Calgary, Montreal, Vancouver, and NYC over the past 10 years, she is obsessed with finding the best local hot spots. She holds a B.A. in English and has over six years of professional writing experience as Head Writer and Editor for YUL.Buzz in Montreal, and Creative Copywriter at JAKT in NYC. News by day, poetry by night — the written word is Britanny's nearest and dearest.

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