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Fri, Jan 9th, 2015, 01:39 AM #1
Posting this just for a matter of interest. Gives you a general idea anyways. Keep in mind there's variables in every case.
By: Workopolis / Elizabeth Bromstein Special to the Star, Published on Tue Jan 06 2015
Many say property is the best investment you can make. Bursting housing bubbles and mortgage scandals aside, they’re usually right.
The price of making that investment varies widely in Canada, depending on where you live. We looked at how much you need to earn to buy a house in every major Canadian city.
To get these numbers, we consulted Adrian Williams, a Toronto mortgage broker, and used his calculator found here. He explained that to calculate the income required you need to know the purchase price, down payment, rate, utilities – mortgage qualifying must include a minimum of $100 a month for heating costs – and taxes.
We got the average purchase price per city from the Canadian Real Estate Association, and Williams provided the property tax rates. At his suggestion we used a 2.99% interest rate, which is the average qualifying rate for a 5-year fixed term. We used a down payment of 10% of the purchase price and calculated $100 a month for utilities.
According to Williams, “Other factors that will be included with mortgage qualification are the total monthly payment obligations from credit card, LOC’s, personal & car loans, car lease and other types of credit that require a monthly payment.”
Here is what you need to earn to buy a house in every major Canadian market. (Numbers are rounded to the nearest dollar.)
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
http://www.thestar.com/business/care...dian_city.html
This thread is currently associated with: N/ALast edited by MortgageQueen; Fri, Jan 9th, 2015 at 01:41 AM.
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Sat, Jan 10th, 2015, 07:08 PM #2
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$100 a month for utilities is irresponsible...at least where I come from.
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Sun, Jan 11th, 2015, 12:06 AM #3
$100 for utilities, not in BC, our hydro on its own is $300 - all utilities including property tax we pay more $700 month
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Mon, Jan 12th, 2015, 01:48 AM #4
You have my sympathy Colsgirl. It really is a joke with hydro. I have one of the lowest usages I know of. (actual hydro used about $36) The "DELIVERY" charge is aprox. $70 though
I won't tell you what I pay for heat in the winter. . . .but suffice to say it's about same as you all said and done. UGH!
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Mon, Jan 12th, 2015, 07:48 AM #5
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I guess I should count myself fortunate-I looked at 2014 and we paid 272.70 per month for gas, electricity , water, garbage and recycling pickup. That would be for about 1650 sq feet and 3 people in our family. Property tax is $232 per month. Add in landline, cable and internet and we are paying 644.03 per month for all of the above.
Last edited by lizzie bargain; Mon, Jan 12th, 2015 at 08:03 AM.
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Mon, Jan 12th, 2015, 05:08 PM #6
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Last edited by momof5boys; Mon, Jan 12th, 2015 at 05:09 PM.
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Tue, Jan 13th, 2015, 04:05 AM #7
Gas makes for a lower bill generally. It also helps if you live in the city. . .more protected from lower temps. and wind.
I live in the country, so no gas. Oil and wood are almost equivalent. I know some neighbours that pay 400 to 700 a month Jan. thru march if it's really cold and windy. Just crazy.
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Tue, Jan 13th, 2015, 09:46 AM #8
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This thread just gave me another idea of what a lottery jackpot winner with $30M could do-buy real estate in every major city. Would take some effort to figure out who would be responsible for doing the regular maintenance/mail & paper pickups when the winner is not in residence.
Thanks for the morning smile, MortgageQueen!2021-Bring on the sunshine, sweets & online shopping.
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Thu, Jan 15th, 2015, 11:21 PM #9
Maybe I don't know what I'm talking about having never lived outside a city, but if you live in the country can't you just chop trees from your property and burn them in your fireplace/woodstove? If not to replace the gas/electric heating then at least to significantly supplement it.
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Thu, Jan 15th, 2015, 11:57 PM #10
That's a good question Brad. yes, you can BUT it takes equipment, hard work and time.
Equipment = A good quality chainsaw, a log splitter (which can be rented) and a trailer to move the wood
Hard work = Have to have both the time and strength to do it. Wood will also have to be moved and stacked.
Time = once wood is cut it has to dry in wind and sun preferably one year at least.
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Fri, Jan 16th, 2015, 12:27 AM #11
That sounds like a great way to work out and not to mention lots of fun! I'm not seeing a down side.
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Fri, Jan 16th, 2015, 12:40 AM #12
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You also needs lot of land acerage..
we suppliment our propane with wood stoves and we use on average 20 cords(8ftx 4 ft x 4 ft of wood)/per year ...that's lot of trees which need to be felled and cut down to size. and replaced on an on-going basis so you have new growth for the future.
Short answer : no Long answer : NOOOOOOOOOOO!
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Sat, Jan 17th, 2015, 01:38 AM #13
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Sat, Jan 17th, 2015, 01:41 AM #14
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