What can your wages buy you?
A new report shows how much you need to earn to live in Canada’s major cities and as you’d expect there’s some disparity. For example to buy an average home in Vancouver you would need an income three times as much as you would to buy a similar home in Halifax. The report from work website Workopolis shows the maximum a bank may be willing to lend based on a mortgage rate of 2.99 per cent. With that in mind you need an income of $56,929 to buy an average home in Halifax; $58,235 in Winnipeg; $68,884 in Montreal; $72,028 in Regina; $72,617 in Edmonton; $74,546 in Saskatoon; $74,820 in Ottawa; $88,578 in Calgary; $113,009 in Toronto; and $147,023 in Vancouver.