How much does it cost to buy a house in Canada?
For those who know a little about Canada, you may have seen that here the vast majority of villas are houses, semi-detached houses and small buildings of 2 to 3 floors.
High apartment buildings are in the minority, since Canada is immense right people and cities do not actively encourage high population density (which is kind of controversial with sustainability, but ultimately out of topic).
Often, apartments are for rent and houses, townhouses, condos etc are the most sought after options for those who will "buy".
I say"buy" because the vast majority of homes are financed and individuals will only own the house for real in about 25 years, which is usually the financing term.
Anyway, I didn't come here to talk about mortgages
and the hanging debt with the banks… Hehe
I recently read a comparative report of annual income and house prices among the major cities in Canada.
I found it very interesting and decided to share with you:
With these charts you can get a good idea of who gets the best wages and how much you need to earn to be able to buy a villa. Interesting, isn't it?
I don't know the other cities, but here in Ottawa the values seem to be well within reality.
For rents, unfortunately I don't have information, but I believe they should turn in the same percentage of income x home cost in the cities above.
See here the post of our search for the first home in Canada!