We all know how expensive it is to live in Canada’s urban centres.
Just look at the minimum amount of money a young professional needs to live in Toronto, Vancouver, or Montreal.
It’s partly our fault, of course, given that we spend around two years’ wages on restaurant tips alone over a lifetime, but it also doesn’t help that we live in one of the most unaffordable housing markets in the world.
RentSeeker.ca – Canada’s largest real estate search website and apartment finder – has just released its annual breakdown of average house prices in Canada, as well as the salary required to purchase a home.
And things look bleak.
A few interesting points:
– A home in Toronto will only cost you $2,000 more than one in Abbotsford, B.C.
– Mississauga is almost twice as expensive as Montreal
– Fredericton, N.B. is the cheapest provincial capital to buy a house.
– It costs more than twice as much to live in Vancouver and Toronto as it does Montreal.
– A home in Calgary is almost half as much as one in Kelowna, B.C.
– The requisite for a million-dollar home anywhere in Canada is a roughly $170,000 salary plus a $200,000 downpayment.
That’ll keep the Americans out.
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