What Income Do You Need to Buy a Home in Canada? – 2021 Guide
Canada has the most thriving expatriate community. Whether you are looking for a serviced apartment or you want to move closer to your family or try out a fantastic business opportunity, Canada is a great place to own a home.
The Canadian housing market is the trending topic of discussion given the high number of foreign buyers trying to own property and young families trying to raise their children in condos. However, most people want to know the amount of income you need to buy a home in Canada?
In this article, we shall comprehensively answer the above question and give you a more in-depth insight on how the pricing varies from one region to another;
Can Foreigners Buy Property in Canada?
Canada’s property ownership policy is relatively open for foreigners trying to buy a property. What’s even better, non-residents share the same ownership rights as ordinary residents.
However, there are some states with strict real estate ownership guidelines that have to be followed. These are the specific regulations you need to be cautious about before buying a home anywhere in Canada.
- If you want to live in Canada for less than six months, you are considered a foreigner.
- To have a smooth sail with the immigration process, you should speak to a lawyer to help you with the paperwork required by the Canadian banks and realtors. This is, however, more necessary if you are not currently living in Canada.
The Down Payment and Household Income You Need to Buy a Home in Canada’s Largest Cities.
So, how much do houses cost in Canada these days? To clearly understand how the price varies, you need to note the average home prices in the top major cities. After you have these prices with you, you can now estimate the amount of income you need to afford or own your preferred home.
Here’s a list of the prices of homes in different regions and what your income needs to be to buy a home in the other cities all over Canada;
The average home price in Vancouver is $810,000. This explains why you will need a monthly income of $152,145 to buy a home here. The prices here are relatively high. It’s still better than West Vancouver, where the current average home price is up to $1,757,700, and you will need an income of more than $320K to live there. So, not unless you are a professional athlete or a CEO, then the prices here are relatively high.
The average home price in Victoria is $490,377. Same way, you will need an income of $99,641 for you to live here. This is a small price to pay if you don’t have a problem being a few hours away from the mainland. But this is all worth it, considering the fantastic beauty in Victoria.
It will cost you an average of $443,744 to buy a home in Calgary. That’s not all; you need to live on a monthly income of $87,761 here. However, one deal-breaker in Calgary, despite the high wages and low taxes, is the snow in the summer.
You will need to part with an average of $359,392 to purchase a home here. Cheap right? Remember, you will need to survive on a monthly income of $74,817. Despite the relatively low priced homes, Edmonton is also an upcoming hotspot.
In Saskatoon, a lovely home costs about $354,400. You need a monthly income of 73,539. Some people consider the cost of living too exaggerated for what the city offers. However, there are many exciting things in Saskatoon, like their delicious berries and their fantastic sunsets.
The average home price in Regina is $303,355. Also, the needed income is about $64,400. Quite manageable, right? If you don’t have a problem being too close to Montana and North Dakota, Regina is the perfect place for you.
Homes cost around $266,837 here. You also need to live on an income of approximately $64,400, which is a good deal despite North Dakota and Minnesota’s bordering.
You will need to part with around $630,858 to buy a home in Toronto. Besides, the required income is up to $126,530. Toronto is the perfect destination if you want to take so much of Canada’s Wonderland and Vaughan Mills.
Low average house prices in a particular region should not guarantee you the best deal when buying a home in Canada. Similarly, high house prices in a specific city should not make you purchase a home with the fear of getting priced out of the market. Like Strawhomes – Richard Morrison Vancouver says, the excellent home buying opportunity in Canadian real estate is complicated and personal.