How Much Do You Need to Earn to Buy a Home in Our Local Area?

We just read an interesting article just published on Workopolis:

How much you need to earn to buy a house in every major Canadian city?

Click here to read full article

Using the same criteria outlined in the Workopolis analysis the figures for our local market are as follows: (The Welland and Pelham 12-Month Average prices are effective November 30th, 2014)
Welland

Average price: $197,217

Monthly mortgage payment: $859.22

Property tax: $262.87

Income Required $45,828.22

Pelham

Average price: $372,481

Monthly mortgage payment:

Property tax: 407.56

Income Required $79,847.22

Here's how our local area compares to the figures reported for the Canadian cities featured in the Workopolis report.

Vancouver

Average price: $819,336

Monthly mortgage payment: $3,570

Property tax: $251

Income required: $147,023

Calgary

Average price: $465,047

Mortgage mortgage payment: $2,026

Property taxes: $236

Income required: $88,578

Edmonton

Average price: $365,520

Mortgage payment: $1,592

Property tax: $244

Salary required: $72,617

Regina

Average price: $331,161

Monthly mortgage payment: $1,443

Property tax: $378

Income required: $72,028

Saskatoon

Average price: $349,322

Monthly mortgage payment: $1,522

Property tax: $366

Income required: $74,546

Winnipeg

Average price: $270,605

Monthly mortgage payment: $1,179

Property tax: $274

Income required: $58,235

Ottawa

Average price: $357,887

Monthly mortgage payment: $1,559

Property tax: $336

Income required: $74,820.28

Toronto

Average price: $587,505

Monthly mortgage payment: $2,560

Property tax: $354

Income required: $113,009

Montreal

Average price: $344,273

Monthly mortgage payment: $1,500

Property tax: $237

Income required: $68,884

Halifax

Average price: $264,447

Monthly mortgage payment: $1,152

Property tax: $266

Income required: $56,929

 

 

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