The Most Expensive Cities To Buy A Home In Canada Were Just Revealed And One Of The Highest Is Not Who You Thought It'd Be
These days finding an apartment with decent rent seems like a pipe dream, let alone owning your own home. As a result of a competitive market in hot spots around the country, many young adults seem to be giving up on owning a home, and who can blame them? The market right now is insane.
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The National Bank of Canada's new report on home affordability shows that the costs of owning a home rose in 9 out of 10 major cities that were surveyed for the report. Continuing the current three-year downward streak that house affordability has maintained in Canada. The only place that showed minor improvement was Winnipeg.
The report itself not only showed that homes are getting more expensive but also showed just how much you need to bring in salary wise to be able to afford a detached home in certain cities across Canada. The top ten list from lowest to highest includes some cities that we assumed would make it, but there definitely are some random ones that surprised us. To check and see where your salary can afford a detached home fit for a single family in Canada, just keep scrolling!
Income needed: $51,174
Income needed: $57,663
Income needed: $65,045
Income needed: $76,079
Income needed: $77,044
Income needed: $90,104
Income needed: $104,775
Income needed: $149,929
Income needed: $159,289
Income needed: $238,313
Of course, Toronto and Vancouver topped the list which probably doesn't come as a surprise to many. Though Hamilton's placing as the fourth most expensive market as well as Calgary coming in fifth place definitely is a shocking reality. Clearly, if you are looking for a bargain on a detached home for a single family, the best place to check out would be Quebec City considering you'll only need an income in and around $51,000 to afford it!
Source:Huffington Post Canada