Prospective homebuyers in Vancouver, British Columbia, and Toronto, Ontario, needed an annual income of over 200,000 Canadian dollars in 2023 to qualify for the average priced home. In Vancouver, this figure was approximately 237,000 Canadian dollars. British Columbia and Ontario, are Canada's most expensive provinces for housing. According to a January 2023 forecast by the Canadian Real Estate Association (CREA), the housing market is expected to cool down in the next two years, which is likely to improve home affordability.
Income needed to afford to buy a home in Canada in 2023, by city
(in Canadian dollars)
Based on home prices from the CREA MLS home price index, a mortgage with 20 percent down payment, 25-year amortization, 4,000 Canadian dollars annual property taxes, 150 Canadian dollars monthly heating, and the average 5-year fixed rate mortgage rate of Big Five Banks.
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Website (ratehub.ca). (January 18, 2024). Income needed to afford to buy a home in Canada in 2023, by city (in Canadian dollars) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/1287002/income-needed-to-buy-a-home-canada/
Website (ratehub.ca). "Income needed to afford to buy a home in Canada in 2023, by city (in Canadian dollars)." Chart. January 18, 2024. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1287002/income-needed-to-buy-a-home-canada/
Website (ratehub.ca). (2024). Income needed to afford to buy a home in Canada in 2023, by city (in Canadian dollars). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/1287002/income-needed-to-buy-a-home-canada/
Website (ratehub.ca). "Income Needed to Afford to Buy a Home in Canada in 2023, by City (in Canadian Dollars)." Statista, Statista Inc., 18 Jan 2024, https://www.statista.com/statistics/1287002/income-needed-to-buy-a-home-canada/
Website (ratehub.ca), Income needed to afford to buy a home in Canada in 2023, by city (in Canadian dollars) Statista, https://www.statista.com/statistics/1287002/income-needed-to-buy-a-home-canada/ (last visited October 31, 2024)
Income needed to afford to buy a home in Canada in 2023, by city (in Canadian dollars) [Graph], Website (ratehub.ca), January 18, 2024. [Online]. Available: https://www.statista.com/statistics/1287002/income-needed-to-buy-a-home-canada/
