The Income You Need to Purchase a Home in Canada’s 25 Largest Cities

What income and down-payment do you need in order to buy the average home in a major Canadian city? The average detached house in Canada costs $503,301 and you’ll need a down-payment of $25,330 and a household income of at least $85,000 to buy it. But the average isn’t representative of most Canadian cities. The table below lists the minimum down-payments and approximate household income you need to afford the average detached house in Canada’s 25 largest cities: About the numbers I tried to find the average price for a detached home for each city, but when I couldn’t, I used the median house price instead. Please note that you will be able to find houses in your city that are priced higher and lower than the average/median prices listed in the table above. That’s how medians and averages work. House prices are changing dramatically each month in some of the cities listed above, […]

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