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We got a report from Canadian mortgage broker Ratehub.ca that analyzes house prices in 10 major Canadian cities and publishes the minimum annual income for Canadians to buy a home in these major cities.
Vancouver remains the city with the highest average home purchase price in Canada. A family needs an income of C $220700 to qualify for a C $1148900 mortgage on a house.
Toronto is not far behind, with a minimum annual income of C $211650 to afford a house worth C $1098200.
Of the ten major cities in Canada, Edmonton and Winnipeg have the lowest annual income required to buy a house, at $81000 and $75000, respectively.
First: Vancouver.
Minimum annual income: $220700 Canadian dollars ≈ 1.17562 million RMB.
House price: $1148900 Canadian dollars ≈ 6.11997 million RMB.
Vancouver is the place with the largest number of Chinese and the first choice for many people to live in Canada, but Vancouver is also one of the cities with relatively high housing prices in the world. In the Greater Vancouver area, there are 2 million detached houses in Vancouver, more expensive in the West, slightly lower in the East, C $1.5 million in Richmond and Bennabi, and C $1.2 million in Gao Guilin and Suri.
Second: Toronto.
Minimum annual income: $211650 Canadian dollars ≈ 1.12741 million RMB.
House price: $1098200 Canadian dollars ≈ 5.8499 million RMB.
As the second most expensive city in Canada, house prices in Toronto have been rising. The average price of a detached house in the greater Toronto area rose by 25% to more than C $1.4 million, while in the row, the average price reached C $980000, up 22% from a year earlier. Apartments rose 21.7% to an average price of C $764200.
Number three: Victoria.
Minimum annual income: $178890 Canadian dollars ≈ 952910 RMB.
House price: $915300 Canadian dollars ≈ 4.87563 million RMB.
Overall, Victoria’s house prices are the third highest in Canada, after Toronto and Vancouver. The most expensive in this area is Oak Bay on the southeast corner, a traditional affluent area, while the cheapest are Metjoxin, North Sanich and other places. Here, 500000 Canadian dollars can buy a detached house of more than 200 square meters, while 70-800000 Canadian dollars can buy luxury villas covering an area of 500 to 800 square meters from the core of Victoria. Over 800000 is a choice of luxury villas.
Fourth: Hamilton.
Minimum annual income: $164800 Canadian dollars ≈ 877850 RMB.
House price: $836800 Canadian dollars ≈ 4.45747 million RMB.
Hamilton is less than an hour from Toronto, but house prices are much lower, so many people who work in Toronto choose to move to Hamilton not far away. At the same time, house prices continue to rise here, with an annual income of C $160000 to buy a C $830000 detached house here, which is much cheaper than in Toronto.
Fifth: Ottawa.
Minimum annual income: $127900 Canadian dollars ≈ 681290 RMB.
House price: $630800 Canadian dollars ≈ 3.36015 million RMB.
House prices in Ottawa rose the most last year, and then gradually picked up. It can be said that the residential real estate market in Ottawa has entered a period of high calm. Ottawa currently has a median price of about C $800000 for single-family villas and C $460000 for apartments, which is extremely cost-effective.
Sixth: Calgary.
Minimum annual income: $106800 Canadian dollars ≈ 568900 RMB.
House price: $513000 Canadian dollars ≈ 2.73265 million RMB.
Calgary is the nearest city with a million people to Vancouver, but the house price is very different from Vancouver. If you spend C $700000, you can buy a local 44-bedroom two-room large House. The average price of a brand new detached house is C $630000. In addition, semi-detached houses can be bought for as little as C $510000, while townships and apartments are price-friendly and have no pressure to buy.
Seventh: Montreal.
Minimum annual income: $105330 Canadian dollars ≈ 561070 RMB.
House price: $504800 Canadian dollars ≈ 2.68897 million RMB.
Real estate in Montreal has been booming for more than five years, and the epidemic has failed to stop house prices from rising. The average price of a detached house in Montreal is about C $490000, while that of an apartment is only C $350000. At the same price, you can have a more spacious and luxurious high-end apartment in Montreal than Toronto and Vancouver, with not only a larger area but also a very comfortable balcony.
Eighth: Halifax.
Minimum annual income: $101750 Canadian dollars ≈ 542000 RMB.
House price: $484800 Canadian dollars ≈ 2.58243 million RMB.
The seaport city of Halifax, with an average house price of C $270000, is one of the lowest in Canada. If you have a good budget, you can buy a 3-bedroom detached house not far from the city center for C $700000. Now more and more Chinese choose Hafa as a settled city with cheaper prices and a higher quality of life.
Ninth: Edmonton.
Minimum annual income: $81800 Canadian dollars ≈ 435730 RMB.
House price: $372400 Canadian dollars ≈ 1.9837 million RMB.
House prices in Edmonton are lower than those in other major Canadian cities, with a typical two-bedroom two-bath apartment costing around C $250000; if it is a detached house, the townhouse is more than enough for around 350000. In terms of housing cost, Edmonton is better than Karl
