A new infographic created by Rentseeker.ca and Blue Chip Mortgage demonstrates just how out of reach these homeownership dreams are for Canadians, comparing what it actually costs to buy a home in each market versus how much income you actually need to have.
It won’t come as a surprise to anyone that an average agent in Vancouver is the most affected: prospective homeowners require an annual income of $320,932 to be able to afford a home in West Vancouver where the average house price is $1,757,700.
Other neighbourhoods in Vancouver are slightly more affordable with the average requiring annual income for buying anywhere in the city is $152,145.
Vancouver has a significant lead over another hot market on the other side of the country. Toronto’s required income for homeowners is $126,530, with an average house price of $630,858.
The GTA area with the biggest discrepancy, though, is Vaughan, Ont., where potential buyers need income reaching $140,804 and average home prices at $717,414.
But, agents in Windsor and Thunder Bay in Ontario, and Trois-Rivieres, Saguenay and Sherbrooke in Quebec will be selling their way to the bank. Those five cities were named the most affordable places to buy a home in Canada, when you compare required income to average home price.
Click here to see the full infographic
As Canadian house prices continue to rise, homeownership is increasingly a distant dream for many – but for a good number of prospective buyers the dream remains within reach.