WHAT SHOULD BE YOUR INCOME TO BUY A HOUSE IN EVERY MAJOR CANADIAN CITY

If we do the comparisons than it is for a fact, that a family in Vancouver has to earn three times more than a family in Halifax to buy an average home according to a new report on incomes and house prices in major Canadian cities.

Buying property is the best investment one can make. But the price of making that investment is different in different cities of Canada. A popular job search site Workopolis did some calculations and determined the numbers as to how much should your income be to buy a house in every major city in Canada.

So here are the numbers:

·         HALIFAX

Average price: $264,447
Monthly mortgage payment: $1,152
Property tax: $266
Income required: $56,929

·         WINNIPEG

Average price: $270,605
Monthly mortgage payment: $1,179
Property tax: $274
Income required: $58,235

·         REGINA

Average price: $331,161
Monthly mortgage payment: $1,443
Property tax: $378
Income required: $72,028

·         MONTREAL

Average price: $344,273
Monthly mortgage payment: $1,500
Property tax: $237
Income required: $68,884

·         SASKATOON

Average price: $349,322
Monthly mortgage payment: $1,522
Property tax: $366
Income required: $74,546

·         OTTAWA

Average price: $357,887
Monthly mortgage payment: $1,559
Property tax: $336
Income required: $74,820.28

·         EDMONTON

Average price: $365,520
Mortgage payment: $1,592
Property tax: $244
Salary required: $72,617

·         CALGARY

Average price: $465,047
Mortgage mortgage payment: $2,026
Property taxes: $236
Income required: $88,578

·         TORONTO

Average price: $587,505
Monthly mortgage payment: $2,560
Property tax: $354
Income required: $113,009

·         VANCOUVER

Average price: $819,336
Monthly mortgage payment: $3,570
Property tax: $251
Income required: $147,023

Editor: Neha Charan