How much income do you need to afford a home?

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The income required to buy a home in Canada varies widely depending on the market, from under $40,000 in Trois-Rivières to more than $320,000 in West Vancouver. A report in the Financial Post shows that in Calgary you’ll need more than $87,000, almost $75k in Edmonton, $74k in Saskatoon, just under $59k in Winnipeg, more than $126k in Toronto, $69k in Montreal, $almost $57 in Quebec and just over $56k in Halifax. The figures are based on average home prices in each market, a 5-year fixed rate mortgage at 2.74 per cent, 5 per cent downpayment, insurance and property taxes.  Read the full story.  
  • Jerry Quigley on 2015-03-23 9:25:05 AM

    You don't see many West Vancouver buyers putting down 5%.....or Vancouver buyers, for that matter.
    Nor are there lenders willing to finance 95% of the high end properties/areas.

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