For some time, the golden dream of buying a large modern home has been replaced by the idea of buying an apartment in a luxurious condominium.   This is because most believe that they will never be able to cover all the expenses involved in buying a property within the big city without having to move to the suburbs.   Therefore, the question is always how much annual income must be counted in order to buy a home and live comfortably? The answer will depend on the city you have chosen to move to.   Here's a list updated in January 2017 with approximate house prices in Canada's 10 largest cities and how much you need to generate to afford it.  

CITY

AVERAGE PRICE

ANNUAL INCOME

Canadá (National)

$470,253

$71,006

Calgary, AB

$451,242

$66,549

Edmonton, AB

$355,841

$52,491

Vancouver, BC

$878,242

$129,531

Winnipeg, MB

$272,553

$40,217

Fredericton, NB

$174,058

$25,680

Halifax, NS

$265,237

$39,120

Toronto, ON

$770,745

$113,691

Ottawa, ON

$379,369

$55,954

Montreal, QC

$351,255

$51,806

Saskatoon, SK

$335,121

$49,440

  Although sometimes seem unreachable numbers, there are always ways to achieve the dream of buying a home.   Having the advice of a real estate agent to guide you in the process of getting the best mortgage with the lowest interest rate is very important in these times.   Remember that you can always contact me if you are thinking of buying a property in Toronto. Together with my team of professionals, I will offer you the best options and make this process easier and more transparent.