Originally Posted by plasticcanuck

I saw this and thought it might be of interest to those contemplating buying property in Canada and the incomes required.

http://i.huffpost.com/gen/3787312/original.jpg

Originally Posted by Siouxie

Interesting, I was shocked at the average price for the Hamilton area although the market did see the biggest gain in Canada (16%); I know it's the 'average' but I know of many houses for sale here under $250k.

Originally Posted by BristolUK

Occasionally I look at other areas of Canada to see what might be affordable for us (using capital additional to the equity in the current home) and there's a whole bunch of options either side of Toronto. From this graphic, Hamilton is listed as an astonishing average of $448k.

Now, I have no idea what the areas are like but an MLS search comes up with over 100 homes for under $200k and nearly half are detached houses.

Maybe Siouxie will confirm whether they're all in horrible areas or about to fall down or both.

In central Moncton less than 10% of houses for sale are over $300k.

This is perhaps one of those cases where average doesn't really represent the average person.[/I]

Originally Posted by Tirytory

It doesn't really reflect what TD mortgage affordability calculator comes up with. An income of $55,000 with 10% down payment only nets you a mortgage of about $250,000 max.

We'll probably move next year. Current house doesn't really suit our needs and we have a couple who want to buy it privately. Trying to figure out what the next move will be tricky- far trickier than back home!

Originally Posted by Jsmth321

The chart for at least 1 area of BC is a little misleading by including Mission and Abbotsford, Mission's lower prices water down the averages, and if you exclude Mission, my guess is the average in Abby will be higher then is listed.



I don't know if it makes a difference to what TD calculator says, but the chart is based on a 20% down payment.



Appears that only Atlantic Canada, & Windsor, ON are within our buying zone... But then again our income in those places would be lower and we wouldn't have access to a low income mortgage, so probably still couldn't afford to buy......

Originally Posted by dbd33

It seems from the chart that the price of houses is about seven times the needed income.

How does that work; are houses usually purchased by working threesomes each of whom generates the "needed income"?

Originally Posted by Pulaski

You buy what you can afford then over time you pay down the mortgage, the property increases in value, and your income rises, so you can sell your home realise a larger deposit than you started with, and borrow a little more to "move up the property ladder".

Originally Posted by Pulaski

You buy what you can afford then over time you pay down the mortgage, the property increases in value, and your income rises, so you can sell your home realise a larger deposit than you started with, and borrow a little more to "move up the property ladder".

Originally Posted by Jsmth321

But when you have city's where a fixer upper requires an income of double the average or more, you may find that there is nothing you can afford if your not an above average 6 figure income household.

This is the lowest price house in Vancouver listed on the MLS... 938,000 and it's a fixer upper/tear down.

https://www.realtor.ca/Residential/S...olumbia-V5L1L3

Originally Posted by Tirytory

That doesn't work in Canada though. We've been overpaying our mortgage but if we used a realtor to sell them all we've done by overpaying the mortgage is pay their 5% + HST fee. It would leave us cost neutral and with the same deposit we started with. .....

Originally Posted by Pulaski

Well it's not my fault you moved to Canada. ..... It's the same in the US.