How Much Home Can You Actually Afford in Canada?

Can you afford buying a home in Canada? How much home can you afford in different cities in Canada? Here's how much you need to make to afford a home.

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[LSnew]

Canada has become so expensive to live in. Its not worth coming here. The term they use for the lack of jobs is competitive. Even experienced workforce can't get an interview right away. You might get 2 or 3 interviews a month if you are lucky. Until then what do people do? Do minimum wage jobs, oh wait now Tims, starbucks, walmart get people in through referrals, so thats also impossible applying online. Go to downtown Toronto and all the crazies and the druggies are out. Buying a house is the last thing on anyones mind right now 😅

[JeffWilliamfick]

Living in Oshawa here and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[chinonsomichael]

Everyone is shouting Canada is expensive, but is cheaper to stay in Toronto than in London Amsterdam Copenhagen Zurich new York, California Dublin, Edinburg, Singapore

[noseboop]

That two out of three canadians are homeowners stat is misleading. If you live in your parent's house rent free, Statistics Canada will count you as a 'homeowner' even though you don't actually own a home. Same if you live in your brother's or cousin's home.

[Userfan]

I would never want to buy a house in Canada.

I bought my home in Houston, major city, for 42k(with tax and fees) in Houston Texas, in a central location in 2019.

42k was the total purchase price.

[gingi]

Good summary, but it has many other dimensions than just affordability. Cavity wood frame homes are unsafe, can burn and could be blown away by high wind, so one needs a good insurance too, and renovate it regularly to avoid the mold infect the indoor, if the paint/vapor barriers start cracking etc. I would also offer a review of the step by step process how to move into the starting home, use first time home buyer credit etc, and move on later..as ell as the security of an own apartment relative to a rental..or wood frame home..as well how a home costs can be reduced by finishing a basement and renting it out..and energy bills? Lots to talk about..

[pjell]

You have just described, very well, how out of reach buying a home is for the vast majority of people.

[funtimes]

Great info. Only if Canadian government encourages building more houses, this will get easier. We have so much land. Yet not enough houses

[vinderdosanjh]

if you make $100, 000 yr income just purchase 300k to 350k apartment outside city lol. so you got more money to invest and play with ...

[Droxal]

So, if the average salary is, let say $70, 000 in Canada's most expensive cities, then most COUPLES shouldn't buy a condo worth more than $420, 000. And most single people shouldn't buy a condo worth more than $210, 000. Which is to say that Canada's real estate is way over valued. Interesting.

[gregchoi]

Is there a reason why you used average income rather than a median income in the video?

[Sominadi]

We shouldn't be paying more than $2000/month and we're renting for $2900 because we have no choice.
And I don't understand why you all act as if the mortgage, taxes, garbage, maintenance and renovation costs aren't included in the rent? When you rent out a house, of course all these costs are included in the rent, otherwise there's no point in any landlord having a second home to rent if you have $800-1200/month to pay on top of your personal home loan

[Axiasart]

And they telling me renting is more expensive than buying a house

[KevinLaswisis]

There is a place most people over look a little city. called Regina SK most likely the cheapest place in Canada right now for rent & buying homes

[gentlegiants]

In other words most of us will never own real estate...

[whatdoyouwantfromme]

Canada has always been unaffordable. " not becoming "👈

[gonchicab]

why 32% of gross income and not 32% of after tax income

[Ваня-нь]

I never buy this paper house and pay all your live this fake