2015 Home Prices across Canada

Everyone knows that real estate is a sound investment, but do you know how far your money goes in different cities across the country?

In a recent article by Elizabeth Bromstein for the Star (reference below), they called upon the help of a mortgage broker in Toronto to look into that exact question. These numbers reflect a 2.99% interest rate on a 5-year fixed term with a down payment of 10% of the purchase price and $100 per month for utilities.

Here are the numbers they came up with to reflect the income required for Canada’s biggest housing markets (numbers are rounded to the nearest dollar):

Vancouver:

Average home price: $819 336

Monthly mortgage payment: $3570

Property tax: $251

Annual income required: $147 023

Calgary:

Average home price: $465 047

Monthly mortgage payment: $2026

Property taxes: $236

Annual income required: $88 578

Edmonton:

Average home price: $365 520

Monthly mortgage payment: $1592

Property tax: $244

Annual income required: $72 617

Regina:

Average home price: $349 322

Monthly mortgage payment: $1522

Property tax: $366

Annual income required: $74 546

Winnipeg:

Average home price: $270 605

Monthly mortgage payment: $1179

Property tax: $274

Income required: $58 235

Ottawa:

Average home price: $357 887

Monthly mortgage payment: $1559

Property tax: $336

Annual income required: $74 820

Toronto:

Average home price: $587 505

Monthly mortgage payment: $2560

Property tax; $354

Annual income required: $113 009

Montreal:

Average home price: $344 273

Monthly mortgage payment: $1500

Property tax: $237

Annual income required: $68 884

Halifax:

Average home price: $264 447

Monthly mortgage payment: $1152

Property tax: $266

Income required: $56 929