How Much Home Can You ACTUALLY Afford In Canada (By Salary)

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[SzybkiTom]

The average home price in Canada is around 700k$ according to a WOWA report. According to the government census, a top 10% income in Canada hovers around 100k$.
According to your video, to afford the average home in Canada, you need to be making around 175k$.

I'm sure there are some fortunate folks who make that kind of money, however I'm speaking for the bottom 90% of the population. How can I afford a house in Canada today Nolan?

[rosegirl]

How are people buying such expensive houses??? The medium income in Canada is 685000, this makes no sense. I am baffled by Canadian real estate.

[rachelk]

People forget that if you spend $100, you have to earn $140.
Likewise, when you buy a house for $500, 000 it costs you more like $900, 000 after you consider tax and borrowing costs.

[dasalekhya]

(If this info helps anyone here) I recently bought a 800 sq ft 2 bed 2 bath condo in Edmonton -
- my salary is $101K (pre tax)
- TD bank approved me for a $150K mortgage
- my condo is $125K (condo fees 520/month)
- I took a $100K mortgage (5% fixed rate)
🙂

[BentSmore]

please people don't buy homes at the absolute max you were approved for.

[nairbos]

This is a great outlook - includes the GDS/TDS, taxes and other fees. Even as a non-landlord or aspirational landlord, this is super helpful as I look at properties and try to keep my GDS/TDS at 25/30% if possible

[sipofcola]

if you use it as rental income its surprisingly easy (once you get the 20% down required by the bank for an investment property) ie vancouver a 500k appartment with a 410k mortgage accounting for closing costs will run you 2400 mortgage with a current variable rate of over 6%, as an investor being able to cover a 300-400 strata monthly and property tax which are current expenditure tax benefits anyway to build 10k+ in equity a year is such a great roi for 100k investment.

[firewoodlake]

I'm happy I bought a condo in 2022 at a low variable rate. I saved more money than a fixed rate I believe.

[chandrangmakwana]

Buy a big house. Rent out basements and afford the payments. Thats how majority of the new immigrants in fraser valley are affording the houses.
However, lets see how the new rates impact the valuation in the short term. The income levels required are absolutely insane.

[firewoodlake]

I bought a condo in 2021 in a variable rate. I always do variable rates. I don't like fixed rates. If you choose a fixed rate, you will end up paying much more per month.

[MrFanstar]

Great information! Its all come down to your T4 income. Given that most Canadians rely on their T4 income which is generally under $100k household income, and given the situation with the housing market, I don't see how the next generation of Canadians can escape the poverty trap with the numbers that you shared in your video. In short, they are doomed.

[paypalservice]

Hello, I have a few questions,
I am a Canadian citizen with Canadian passport, I used to live in Canada for 10 years with my family but we left Canada in 2015, and we recently moved back to Canada again.
I am looking to buy a house which costs around 700k and I have 20% down payment of the house ready ($150k CAD ready), but the RBC bank wants proof of income of at least a salary 100k a year and I can’t show that.
I’m planning to start my work as an Uber driver in the next few weeks, but could I get approved to get around 500k mortgage from a bank without having to show proof of income?

RBC bank mortgage realtor told me because Uber is considered as “self employed”, the mortgage realtor also told me that bank looks at Uber income after at least 1 year of work because it is called “self employed” type of job., and I don’t want wait a whole full year (I want to buy this house sooner).
They said I could get a mortgage from a private lender but the mortgage rate would be high at around 10% (which is around 4% higher than bank rate), is there any way to get approved by the bank for a person like me with no proof of income?

By the way, the house I’m looking at is a detached house that has a walkout basement with separate entrance, I’m planning to rent upstairs to cover the mortgage and I go live in the basement.

Thank you

[ADobbin]

I can't. At this point I can't even afford rent if I had to find a new place.

[m]

holy, i must say brother what an app!

[darshittripathi]

Hiii 👍I completed my bachelor's in civil engineering with 8.60 cgpa in july 2022. I want to make a career in real estate field. Can you tell me which colleges provide this course & most important thing is it possible to get visa or reject because i'm an international student from india. Is it irrelevant course or relevant course to take a decision after completing civil engineering background

[phillipbrennan]

How much of the allowance my wife gives me can i use to qualify?

[sidharth.kavalu]

Bendigi has got a great potential business model with that app. I'm sure everyone in real estate would want that calculator now. Is this a new venture for you @Nolan?

[BradMcCallum]

When are you putting in an offer on that home in Whistler? :)

[CalCalCal]

Let me make this quick. You can afford basically nothing unless you have a ludicrous salary or are bringing tonnes of equity with you from another home. Goodbye

[stukatz]

A Good addition would nof been to show which portion of the population earns what is required at each price point